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QUESTION 3 (16 marks)- t A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: (1)
QUESTION 3 (16 marks)- t A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: (1) Accrued interest revenue earned of $1,200.- (ii) Pollion of prepaid insu rance expired $I, 100.- (111) Accrued taxes of $3,200. (iv) Revenues of $5,200, originally recorded as unearned, have been earned by the end of the year. Determine the con-est amounts for the December 31 financial statements by completing the following table: Assets $350,000+ Liabilities $200,000+ Equity $150,000+ Profite $70,000+ Reported amounts. Ad d/ (Subtract) Ito con-ect for item: (1). 1i)..... (ui). (iv)... Corrected amounts. (16marks)
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