(Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and...
Question:
(Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December 31, the end of the accounting period:
a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $1,500.
Prepaid insurance, ending, $1,000.
b. Interest revenue accrued, $1,100.
c. Unearned service revenue, beginning, $1,200. Unearned service revenue, ending,
$400.
d. Depreciation, $4,900.
e. Employees’ salaries owed for three days of a fi ve-day work week; weekly payroll,
$14,000.
f. Income before income tax, $22,000. Income tax rate is 25%.
❙ Requirements 1. Journalize the adjusting entries.
2. Suppose the adjustments were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.
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