Journal Entry Accounts Debit Credit e Salary Expense $8000 Salary Payable 58000 f. Income before income tax $20,000. Income tax rate is 35% Journal Entry Accounts Income Tax Expense Debit Credit 1. $7000 Income Tax Payable 57000 Requirement 2. Suppose the adjustments were not made Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments Enter the amounts of either the overstatement or understatement of net income as a result of omitting these adjustments. (Use parentheses or a minus sign when entering understatements.) Net income over (under) stated by omission of Insurance Expense 53000 Interest Revenue $2400 Service Revenue $1200 Depreciation Expense 55200 Salary Expense 58000 Income Tax Expense 58000 $27800 Total over (under) statement of net income Choose from any list or enter any number in the input fields and then continue to the next question Journal Entry Accounts Debit Credit e Salary Expense $8000 Salary Payable 58000 f. Income before income tax $20,000. Income tax rate is 35% Journal Entry Accounts Income Tax Expense Debit Credit 1. $7000 Income Tax Payable 57000 Requirement 2. Suppose the adjustments were not made Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments Enter the amounts of either the overstatement or understatement of net income as a result of omitting these adjustments. (Use parentheses or a minus sign when entering understatements.) Net income over (under) stated by omission of Insurance Expense 53000 Interest Revenue $2400 Service Revenue $1200 Depreciation Expense 55200 Salary Expense 58000 Income Tax Expense 58000 $27800 Total over (under) statement of net income Choose from any list or enter any number in the input fields and then continue to the next