net income will Flood Relief report for June? Problem 4-2A Annual Adjustments Ogonquit Enterprises prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December 31, 2017: a. Ogonquit purchased office furniture last year for $25,000. The furniture has an estimated useful life of seven years and an estimated salvage value of $4,000. b. The Supplies account had a balance of $1,200 on January 1, 2017. During 2017, Ogonquit added $12,900 to the account for purchases of supplies during the year. A count of the sup- plies on hand at the end of December 2017 indicates a balance of $900. c. On July 1, 2017, Ogonquit created a liability account, Customer Deposits, for $8,800. This sum represents an amount that a customer paid in advance and that will be recognized evenly by Ogonquit over an eight-month period. d. Ogonquit rented some warehouse space on September 1, 2017, at a rate of $4,000 pe month. On that date, Ogonquit recorded Prepaid Rent for six months' rent paid in advance. e. Ogonquit took out a 90-day, 6%, $30,000 note on November 1, 2017, with interest and principal to be paid at maturity. f Ogonquit operates five days per week with an average weekly payroll of $4,150. Ogonqui pays its employees every Thursday, December 31, 2017, is a Sunday, Required 1. For each of the preceding situations, identify and analyze the adjustment necessary on De cember 31, 2017 2. Assume that Ogonquit's accountant forgets to record the adjustments on December 3 2017. Will net income for the year be understated or overstated by what amount? (Igno the effect of income taxes.) Problem 4-3A Recuvine Trannantinne and A