Partial Question 4 1.75/3 pts You've been hired by Pitchfork, Inc. to review several transactions that were omitted as adjusting journal entries at December 31, 20x1, which is Pitchfork's year-end. For each of the transactions listed below, record the appropriate AJE that should have been recorded at December 31st. Transactions: 1. On November 1, 20x1, Pitchfork received a $25,000 advance payment from a customer for services to be performed evenly over the next 5 months. The original entry was credited to "Service Revenue". To record the appropriate AJE: Debit Service Revenue , for $ amount [Select] Credit (Select] , for $ amount 15,000 2. On September 1, 20x1, Pitchfork paid $12,600 for a three-year hazard insurance policy. Pitchfork debited "Prepaid Insurance" at the time of the transaction. To record the appropriate AJE: Debit Insurance Expense , for $ amount [Select] Credit [Select] for $ amount 11,200 3. On June 1, 20x1, Pitchfork invested $75,000 into a 12-month CD earning 4% APR. Pitchfork will receive principle and interest at maturity on May 31, 20x2. Incorrect Question 5 0/1 pts Using the information in question #4 above, if NONE of the above adjusting journal entries for Pitchfork were made at December 31, 20x1, determine the cumulative effect of all errors on assets, liabilities, equity and Income at December 31, 20x1. Use the alpha characters O for Overstated, U for Understated and NE for No Effect. Do not space between the O/U/NE and the dollar amount of the error. Do not use dollar signs or commas when recording your answer. Example: if Assets are Overstated by $2,000, record your answer as 02000. 1. Determine the effect on Total Assets: [amount_1] Assets Liabilities Equity Net Income 011400 Incorrect Question 6 0/1 pts Using the information in #4 above, determine the error on Liabilities as of December 31, 20x1. Note: Do not use commas or dollar signs when entering your answer. Example, if your answer is Understated by $20,000, enter your answer as U20000. NE Incorrect Question 7 0/1 pts Using the information in #4 above, determine the error on Equity as of December 31, 20x1: * Note: do not use commas or dollar signs when recording your answer. Example, if your answer is Understated by $20,000, enter your answer as U20000. NE Incorrect Question 8 0/1 pts Using the information in #4 above, determine the error on Net Income as of December 31, 20x1: Note: do not use commas or dollar signs when recording your answer. Example, if your answer is Understated by $20,000, enter your answer as U20000. 011400