Brief Exercise 3-31 Adjusting Entries-Accruals Nichols Company had the following items that required adjustment at December 31, 2019 a. Electricity used during December was estimated to be $320. This amount will be paid in January b. Owed wages to employees of $3,250 that were earned in December but unrecorded and unpaid as of the end of the year c. Services of $4,900 were performed in December but unbilled and unpaid as of year end. Required: I. Prepare the adjusting entries needed at December 31. 2. CONCEPTUAL CONNECTION What is the effect on the financial statements if these adjusting entries were not made