E3 28 ournalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2016, are given for XYZ a. Depreciation, $400. b. Prepaid rent expires, $800. c. Interest expense accrued, $600. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000. e. Unearned revenue earned, $1,600. f Office supplies used, $100. Requirements 1. Journalize the adjusting entries needed on July 31, 2016. 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments