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I only need the blanks in this chart filled out. Im having trouble understanding how to do it. Can some please explain to me how
I only need the blanks in this chart filled out. Im having trouble understanding how to do it. Can some please explain to me how to get the numbers for fees collected in advance and work preformed in advance and how to determine what goes under income statement and balance sheet for work performed in advance.
this is the balance sheet:
this is the Income statement:
This is the general Journal:
and this is the info:
All the numbers on the balance sheet, income statement, and general journal are correct.
General Journal General Ledger St Retained Earnings Income Trial Balance Statement Balance SheetImpact on Requirement income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Adjusted- Account affecting the Impact on net Adjusting entry related to Income statement Balance Sheet income (100) (1,050) (300) Insurance Supplies Depreciation Fees collected in adva Salaries Work performed in advance epaid insurance Supplies Accumulated depreciation Equipment nsurance expense Supplies expense preciation expense Equipment nce Consulting revenue nearned consulting revenue alaries payable Salariesexpense (210) Total impact on income due to adjustments $(1,660) 0 KBalance Sheet Impact on incomeStep by Step Solution
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