October 31, 2020 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Account Title Cash Accounts Receivable Supplies Prepaid Insurance Machine Trial Balance Debit Credit 89,000 12,000 13,200 22,000 78,000 Accounts Payable 62,500 169,000 31,300 127,000 W.E. Eight, Capital W.E. Eight, Drawing Food Sales Wages Expense Insurance Expense Utility Expense 41,000 60,000 12,000 Totals 358,500 358,500 Adjustment information: a) Supplies that were used up and not yet entered is $7,200 at October 31, 2020. b) Expired insurance was $5,000. c) The machine was purchased September 1, 2020. It has a salvage value of $6,000, and Life is 10 Years. d) Wages earned but not paid as of fiscal year-end are $9,300. Fill-in the necessary adjustments and balances on the six-column worksheet provided. Please place your answers in the given yellow areas. A company ended their accounting period and failed to include an adjusting entry for $95,000 of supplies used up. What will be 25. overstated or understated on the following financial statements because of this oversight? oints) On the line next to each item enter "O" for overstated; "U" for understated; or "N" for no change. Income Statement Revenues Expenses Net Income N N Statement of Owners Equity Capital (begin) Investments Net Income Drawing Capital (end) N Balance Sheet Assets Total Assets Liabilities Owners Equity Total Liabilities & OE Please place your answers in the given yellow areas