1. Prepare the necessary adjusting entry with the impact on the financial statements on Somerville's books on May 31. General Journal instructions PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 Adjusting Entries 2 3 Final Question 2. What will be the effect on net income for May if this entry is not recorded? Net income for the month of May would be by $ if this adjusting entry were not recognized because expenses would be General Journal 2. Prepare the journal entry with the impact on the financial statements to record the payment of rent on September 1. General Journal instructions PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 3. Prepare the adjusting entry with the impact on the financial statements on September 30. PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 Final Question 4. Assume that the accountant prepares the adjusting entry on September 30 but forgets to record an adjusting entry on December 31. Will net income for the year be understated or overstated? by what amount? by $ 1. Prepare the necessary adjusting entry with the impact on the financial statements on Somerville's books on May 31. General Journal instructions PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 Adjusting Entries 2 3 Final Question 2. What will be the effect on net income for May if this entry is not recorded? Net income for the month of May would be by $ if this adjusting entry were not recognized because expenses would be General Journal 2. Prepare the journal entry with the impact on the financial statements to record the payment of rent on September 1. General Journal instructions PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 3. Prepare the adjusting entry with the impact on the financial statements on September 30. PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 Final Question 4. Assume that the accountant prepares the adjusting entry on September 30 but forgets to record an adjusting entry on December 31. Will net income for the year be understated or overstated? by what amount? by $