EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS VanBrush Enterprises, a painting contractor, prepared the following adjusting entries

Question:

EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS VanBrush Enterprises, a painting contractor, prepared the following adjusting entries at year-end:

a. Wages Expense 3,700 Wages Payable 3,700

b. Accounts Receivable 6,500 Service Revenue 6,500

c. Unearned Revenue 5,245 Service Revenue, Advertising 5,245

d. Rent Expense 3,820 Prepaid Rent 3,820 Required:

Show the effect of these adjustments on (1) assets, liabilities, and equity and (2) revenues, expenses, and net income.

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