Recording Adjusting Entries Referring to the information below, indicate the income statement and balance sheet impacts in each case a through eif Walker Corp. failed to record the necessary adjusting entries. a Interest expense of $750 for the month of December 2020 will be paid in January 2021 1. Unbilled revenue for services performed in December 2020 is $2,500. The company will prepare and forward invoices for this amount in January 2021 to customers with a 30-day collection term. C 57.500 cash was received in advance on November 30, 2020, for future services to be performed by Walker Corp. and was recorded as deferred service revenue. The services were performed on December 20, 2020 a Walker Corp. acquired a two-year insurance policy on January 1, 2020, for $24.000 cash that was recorded initially as prepaid insurance. e Depreciation on equipment is $30,000 for 2020 Note: Use a negative in with your answers to indicate an understatement Income Statement impact Balance Sheet Impact Income statement impact Netice Overstrement understatement Overturement Oversteen banderament Ne over underments 750 2.500 17.500 24,000 10.000 ON Recording Adjusting Entries Referring to the information below, indicate the income statement and balance sheet impacts in each case a through ell Walker Corp. failed to record the necessary adjusting entries. a. Interest expense of $750 for the month of December 2020 will be paid in January 2021. Unbilled revenue for services performed in December 2020 is $2.500. The company will prepare and forward invoices for this amount in January 2021 to customers with a 30-day collection term C. 57,500 cash was received in advance on November 30, 2020. for future services to be performed by Walker Corp. and was recorded as deferred service revenue. The services were performed on December 20, 2020 d. Walker Corp. acquired a two year insurance policy on January 1, 2020, for $24,000 cash that was recorded initially as prepaid insurance. e. Depreciation on equipment is $30,000 for 2020 Note: Use a negative sign with your answers to indicate an understatement Income Statement impact Balance Sheet impact Balance sheet impact O OM Overset understatement bertatement understatement Overnment understatement Orderstatement Oversetunderstatement) Netent understatem OM OK OM OM asament Overstatement understatements certamen derament Overstatement rement Ostatement understand Net overstatement understands Stockholders feet overstandertalement D OM ON Check