Question 5 (1 point) At the end of the fiscal year, the usual adjusting entry for amortization on equipment was omitted. Which of the following will be a result of this error? O Net income will be overstated for the current year. Total liabilities and total assets will be understated. The balance sheet and income statement will be misstated but the statement of owner's equity will be correct for the current year. Total assets will be understated at the end of the current year. Question 7 (1 point) Which of the following procedures describe the entry to adjust the accounts for wages accrued at the end of the accounting period? O Debit Wages Payable; Credit Wages Expense O Debit Wages Expense; Credit Wages Payable O Debit Wages Payable; Credit Wages Income Debit Wages Income; Credit Wages Payable Question 10 (1 point) Calculated the supplies used during the year: Supplies on hand, beginning of year $480 Supplies purchased during year $250 Supplies on hand, end of year $280 Enter your answer in whole numbe, without dollar signs or commas Your Answer: Answer Question 11 (1 point) Calculate the depreciation for 20X1. Blossom Company paid $18,000 to purchase equipment on January 1, 20X1. Blossom Company has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment will have a 6-year useful life. Enter your answer as a whole number (no decimals) without dollar signs or commas Your