Question
As of December 31, 2018, Norris Inc. reported the following balances in Column I in its unadjusted trial balance. After recording adjusting journal entries for
As of December 31, 2018, Norris Inc. reported the following balances in Column I in its unadjusted trial balance. After recording adjusting journal entries for the year, the balances reported in Column II reflect those reported in its adjusted trial balance:
| I | II |
| Unadjusted | Adjusted |
Prepaid Insurance | $102 | $37 |
Unearned Revenue | 87 | 59 |
Wages Payable | 67 | 84 |
What effect did the adjusting journal entries have on net income for the year ended December 31, 2018? Note: If the adjusting journal entries decreased net income, please use a negative number to indicate the magnitude of the decrease.
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