An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $1,770. Prepaid insurance, ending, $960. b. Interest revenue accrued, $1,520. c. Unearned service revenue, beginning, $1,000. Unearned service revenue, ending, $700. d. Depreciation, $4,500 Employees' salaries owed for three days of a five-day work week; weekly payroll, $19,800 f. Income before income tax, $23,600. Income tax rate is 25%. e. Requirements 1. Journalize the adjusting entries. 2. Suppose the adjustments were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments (Use parentheses or a minus sign for any understated amounts and totals.) . An accountant made the following adjustments at December 31, the end of the accounting period: Net income overstated by omission of. Total overstatement Net income understated by omission of: Total understatement Overall effect - net income overstated (understated) by