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For the year ending June 30, O'Keefe Medical Services Co. mistakenly omitted adjusting entries for (1) $6,800 of supplies that were used, (2) unearne revenue
For the year ending June 30, O'Keefe Medical Services Co. mistakenly omitted adjusting entries for (1) $6,800 of supplies that were used, (2) unearne revenue of $11,900 that was earned, and (3) insurance of $2,200 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended June 30. (a) Revenues (b) Expenses (c) Net income Feedback Check My Work Consider, in each situation, if the adjustment involves an expense or a revenue. A quick calculation for this would be to add the revenues not recorded and subtract the expenses not recorded. The difference would be the effect on net income
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