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Pitchfork Consulting Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Pitchfork has

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Pitchfork Consulting Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Pitchfork has the following unadjusted trial balance: Credit Debit $430,900 $158,000 $ 11,000 $ 190,000 Account Cash Accounts Receivable Supplies Building Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Wage Expense Insurance Expenses Utilities Expense Administrative Expense TOTALS $ 46,100 $ 108,000 $ 100,000 -0- $ 619,200 $ 48,600 $ 12,600 $ 6,200 $ 16.000 $ 873,300 $ 873,300 In addition, Pitchfork has provided you with the following information for year-end adjusting entries: In addition, Pitchfork has provided you with the following information for year-end adjusting entries: 1. The building was purchased on March 1 of the current year. It has a 30-year life, 10% salvage value and Pitchfork uses the straight-line method for depreciation. 2. On March 1, Pitchfork prepaid $12,600 for 24 months of insurance. The original entry was recorded as Insurance Expense. 3. By December 31st, 30% of the of the services related to the Unearned Revenues had been performed. 4. Wages of $4,600 should be accrued and are scheduled to be paid on January 2 5. Supplies of $1,900 were still on hand at year end. 6. Based on industry averages, it is estimated that 3% of the accounts receivable will prove to be uncollectible Using the information presented for Pitchfork Consulting Services, IF none of the (6) adjusting journal entries had been recorded, determine the effect on Total Liabilities. ASSETS LIABILITIES EQUITY [Blank_B] ("NOTE: When recording your answer, use o for Overstated, U for Understated, or NE for No Effect. Do not space between your O/U/NE and the dollar amount of the error. Example: If your answer for the effect on Assets is Understated by $10,500, enter your answer as U10500. Do not use dollar signs or commas when recording your answer.) Question 10 1 pts Using the information presented for Pitchfork Consulting Services. If none of the (6) adjusting journal entries had been recorded, determine the effect on Total EQUITY ASSETS LIABILITIES EQUITY [BLANK_CI ("NOTE When recording your answer use o for Overstated U for Understated, or NE arch

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