Cornerstone Exercise 3-23 Financial Statement Effects of Adjusting Entries When adjusting entrios were made at the end of the year, the accountant for Parker company did not mave the folioning adjustments. Required: Identify the effect on the financial statements of the adjusting entries that were omitted. a. Wages of $2,900 had been earned by employees but were unpald. b. $3,750 of performance obligations had been satisfied but no cash was uncollected nor any revenue recorded. c. $2,400 performance obligations had been satished. The customer had prepaid for this service and the amount was originally recorded in the Unearned 5 ales Revenu account d. $1,200 of insurance coverage had expired. Insurance had been initially recorded in the Prepald Insurance account