The accounting records of Howard Architects include the following selected, unadjusted balances at March $31$:

Accounts Recievable $-$ $$1,600$; Office Supplies $-$ $$900$; Prepaid Rent $-$ $$1,500$; Equipment $-$ $$7,200$; Unearned Revenue $-$ $$500$; Service Revenue $-$ $$4,600$; Utilities Expense $-$ $$1,300$; Capital $$ common stock $?$;

Transactions to be recorded on March $31$:

$1.$ $$900$ was collected from a client on the due date for services provided at the beginning of the

month.

$2.$ Services in value of $$300$ were provided to a client who paid in advance.

$3.$ The equipment was purchased on $1$st of March and has an estimated useful life of $6$ years.

Required:

$1.$ What is the value of Capital account?

$2.$ Journalize the transactions and prepare all the T$-$accounts.

$3.$ Journalize the closing entries and update the T$-$accounts accordingly.

$4.$ Prepare post$-$closing trial balance.

$5.$ Prepare the balance sheet and income statement.

$6.$ The company failed to make an adjusting entry to record $$2,000$ of unpaid salaries for the last two weeks of the month. Which of the following is an effect of this omission?

A$.$ The total assets will be overstated. B$.$ The net income will be understated. C$.$ The total assets will be understated. D$.$ The net income will be overstated.