2 PE 3-6 Adjustment for accrued expenses Colossal Realty Co. pays weekly salaries of $29,100 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday. EE 3-6 p. 119 2 PE 3-7 Adjustment for depreciation The estimated amount of depreciation on equipment for the current year is $5,500. Journalize the adjusting entry to record the depreciation. EE 3-7 p. 120 3 PE 3-8 Effect of omitting adjustments For the year ended December 31, 2015, Balboa Services Co. mistakenly omitted adjusting entries for (1) $1,520 of supplies that were used, (2) uneared revenue of $12,200 that was earned, and (3) insurance of $6,000 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended December 31, 2015. EE 3-8 p. 120