1. 2. Journalize the adjusting entries needed on July 31, 2018 Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation, $100 Date Accounts and Explanation Debit Credit (a) Jul. 31 b. Prepaid rent expires, $800. (Assume that CPB debits an asset account when rent is paid in advance.) Debit Date Accounts and Explanation Credit (b) Jul. 31 Interest exnense accrued. $900 c. Interest expense accrued, $900. Date Accounts and Explanation Debit Credit (c) Jul. 31 d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $11,000. Date Debit Credit Accounts and Explanation (d) Jul. 31 e.Uneaned revenue earned, $700. (When the cash was received, assume that a liability account was credited) Debit Credit Date Accounts and Explanation e) Jul. 31 f.Office supplies used, $450. (Assume that CPB debits an asset account when supplies are purchased.) Debit Date Accounts and Explanation Credit (f) Jul. 31 Requirement 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. Net income would be by $