Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,320

Question:

Manning Manufacturing Inc. had the following items that require adjustment at year end.
a. Salaries of $5,320 that were earned in December are unrecorded and unpaid.
b. Used $1,970 of utilities in December, which are unrecorded and unpaid.
c. Interest of $925 on a note payable has not been recorded or paid.
Required:
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the if these adjusting entries are not made?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...