K An accountant made the following adjustments at December 31, the end of the accounting period: (Click the icon to view the adjustments.) Read the requirements. Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,900. Prepaid insurance, ending, $600. Journal Entry Accounts Debit Credit More info a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,900. Prepaid insurance, ending, $600. b. Interest revenue accrued, $2,000. c. Unearned service revenue, beginning, $1,800. Unearned service revenue, ending, $500. d. Depreciation on building, $5,500. e. Employees' salaries owed for two days of a five-day work week; weekly payroll, $13,000. f. Income before income tax, $27,000. Income tax rate is 35%. Requirements 1. Journalize the adjusting entries. 2. Suppose the adjustments were not made. Calculate the overall overstatement or understatement of net income resulting from the omission of these adjustments. b. Interest revenue accrued, $2,000. b. Journal Entry Accounts Debit Credit A c. Unearned service revenue, beginning, $1,800. Unearned service revenue, ending. $500. Journal Entry Accounts Debit Credit d. Depreciation on building, $5,500. Journal Entry d. Accounts Debit Credit e. Employees' salaries owed for two days of a five-day work week; weekly payroll, $13,000. Journal Entry Accounts Debit Credit f. Income before income tax, $27,000. Income tax rate is 35%. Accounts Journal Entry Debit Credit 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.) Insurance Expense Interest Revenue Service Revenue Depreciation Expense Net income over (under) statement as a result of omission