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2.

The adjusting entries for the following adjustments were omitted at period-end: (i) (Click the icon to view the omitted adjustments.) Requirement 1. Compute the amount by which net income for the year is overstated or understated for each omitted entry. Use the following format to help analyze the transactions. (Use parentheses or a minus sign for understated amounts.) (Click the icon to view the sample format.) More info a. Prepaid rent expired, $2,500 b. Depreciation, $1,800 c. Employee salaries owed for Monday through Wednesday of a five-day workweek, $3,400 d. Supplies used during the period, $500 e. Unearned service revenue now earned, $4,200 More info Journalize the adjusting entry needed at July 31 , the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) a. On May 1, $6,000 rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance. More info a. On May 1, \$6,000 rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance. b. The business holds a $25,000 note receivable. Interest revenue of $520 has been earned on the note but not yet received. c. Salaries expense is $1,100 per day, Monday through Friday, and the business pays employees each Friday. This year, July 31 falls on a Monday. d. The unadjusted balance of the Supplies account is $1,100. Supplies on hand total $600. e. Equipment was purchased two years ago at a cost of $35,000. The equipment's useful life is seven years. f. On January 1, when $1,488 was paid for a one-year insurance policy, Prepaid insurance was debited and Cash was credited