Help Save & Exit 5 Check my work PB4-2 Recording Adjusting Journal Entries [LO 4-1, LO 4-6 Cactus Company's annual accounting year ends on June 30. Assum adjusting journal entries have been made: e it is now June 30 and all of the entries except the following ints a. The company earned service revenue of $2.000 on a special job that was completed June 29. Collection will be made during July eBook Print References b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $3.200 for covedage starting on that date c. At June 30, wages of $900 were earned by employees but not yet paid. The employees will be paid on the next payroll date, which d. On June 1, Cactus collected two months' revenue of $450. At that date, Cactus debited Cash and credited Deferred Revenue for e. Depreciation of $1,500 must be recognized on equipment purchased on July 1 of the previous year. no entry has been recorded Cash was credited and Prepaid Insurance was debited for this amount. is July 15. $450. One-half of it has now been earned but not yet recorded. Cash of $4,200 was collected on May 1 for services to be rendered evenly over the next year beginning on May 1. Deferred f Revenue was credited when the cash was received. Two months of this performance obligation have now been fulfilled but not yet recorded g. The company owes interest of $600 on a bank loan taken out on February 1. The interest will be paid when the loan is repaid next year on January 31. h. The income after all adjustments except income taxes was $20,000. The company's federal income tax rate is 30%, Required Prev 50f 24 Next> Graw psy101-Go.. YouTube Connect S Solved] CA Chapter 4. Graded HW Problems Saved Help Save & Exit Submit Check my work 5 Required 1. Give the adjusting journal entry required for each transaction at June 30 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which oints Cactus Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. eBook Print References Complete this question by entering your answers in the tabs below Required 1 Required 2 Give the adjusting journal entry required for each transaction at June 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet )! Capter 4Graded HW Problems G Saved Help Save&Exit Submit 5 Check my work h. The income after all adjustments except Required 1. Give the adjusting journal entry required for each transaction at June 30. income taxes was $20,000. The company's federal income tax rate is 30%. points 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Cactus Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. eBook Complete this question by entering your answers in the tabs below References Required 1 Required 2 If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Cactus Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. C Required 1 K Prev 5 of 24 Next