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Q2 (25 marks) The Langley Service Company issued financial statements for last year but failed to include the following adjusting entries:(A) Accrued service revenues earned
Q2 (25 marks) The Langley Service Company issued financial statements for last year but failed to include the following adjusting entries:(A) Accrued service revenues earned of $2,300. B) Depreciation expense of $5,000. (C) Office supplies used, $2,100. (D) Accrued salaries of $3,400. (E) Revenues of $4,600, originally recorded as uneared, but earned by the end of the year. Determine the correct amounts for last year's financial statements by completing the following schedule: Assets $310,000 Liabilities $190,000 Equity Net Income $120,000 $50,000 Reported amounts Add(Subtract) to correct for item (A) (B) (C) (D) (E) Corrected amounts
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