FINANCIAL STATEMENT EFFECTS OF ADJUSTING ENTRIES. When adjusting entries were prepared at the end of 19x2, the
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FINANCIAL STATEMENT EFFECTS OF ADJUSTING ENTRIES. When adjusting entries were prepared at the end of 19x2, the accountant did not make adjustments for (1) $2,900 of wages that had been earned but were unpaid and (2) $3,750 of revenue that had been earned but was uncollected and unrecorded.
REQUIRED:
1. Identify the effects on the financial statements of the adjusting entries that were omitted (assume no taxes in your analysis).
2. Prepare the journal entries you would make in January 19x3 to correct the balances in the accounts.
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