need help with effects of adjusted entries
insert Page Layout Formulas Data Review View Help Ruler Formula Bar New Options Page Break Page Custom Preview Layout Views Gridlines Headings Zoom 100% Zoom to Selection New Ante Window View Workbook Views Show Zoom D E G Evaluate financial statement effects of adjusting journal entries Required: 3. Complete the table below and determine the amounts and effects of your adjusting entries on the year 2017 incom Use the word "increase" to indicate an increase in the "Effect on" columns and include the amount of the increase. Use the word "decrease" to indicate a decrease in the "Effect on" columns and include the amount of the decrease. Enter "No effect" in the "Effect on" columns if the entry does not have an effect on the financial statement. Amount of the entry Effect on Net Income Effect on Total Assets Effect on Total Liabilities Effect on Total Equity Entry a b 17 d CD on't forget TIPS for Solutions Adjusting Journal Entries Prepare T-Accounts Effects of Adjusting Entries O mi here to search L N 1 Options Gridlines Headings FELP Custom Preview Layout Views Workbook Views Sanch Sheet View Hide Zoom Zoom lo New Arrange Free Synchronous Scrolling Selection Window All Panes-unhide Reset Window Potion Windows Zoon Window 100% Zoom your document to 100% f. Being insurance not billed earlier now recorded in th book L M N O P Q G H Each answer is worth 1 point. (15 points For journal entries, each line of the entry is worth 1 point, which includes the description R 5 Evaluate and complete the recording process for adjusting entries und: The following information relates to Fanning's Electronics on December 31, 2017. The company, which uses the calendar year as its annual reporting period, initially records prepaid and uneared items in balance sheet accounts assets and abilities, respectively). a. The company's weekly payroll is $8,750, paid each Friday for a five-day workweek. Assume December 31, 2017, talls on a Monday, but the employees will not be paid their wages until Friday, January 4, 2018 b. Eighteen months earter, on July 1, 2016, the company purchased equipment that cost $20,000, its useful life as predicted to be five years, at which time the equipment is expected to be worthless (sero alage val On October 1, 2017, the company agreed to work on a new housing development. The company is paid $120,000 on October in allvance of future installation of similar alarm systems in 24 new homes. The $120,000 was credited to the Unearned Services Revenue account. Between October 1 and December 31, work on 20 homes was completed d. On September 1, 2017, the company purchased a 12-month insurance policy for $1,800. The transaction was recorded with an $1,000 debit to Prepaid Insurance on December 29, 2017, the company completed a 57.000 service that has not been billed or recorded as of December 31, 2017 Required: Don't forget TIPS for Solutions Adjusting Journal Entries Prepare Account Efects of Arting Entre 9 Type here to search e a 695 PM
