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

REQUIRED:
Prepare tables that show the effects of these adjustments on (1) revenues, expenses, and net income and (2) assets, liabilities, and equity.
es -28. EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS. The New York imes newspaper prepared the following-adjusting entries:

REQUIRED:
Prepare tables that show the effects of these adjustments on (1) revenues, expenses, and net income and (2) assets, liabilities, and equity.

Transcribed Image Text:

a) Wages Expense 3,700 Wages Payable 3,700 b) Accounts Receivable 6,500 Service Revenue 6,500