The following data at July $31,2018,$ are given for ACB:

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Read the requirements.

Requirement $1.$ Journalize the adjusting entries needed on July $31,2018.($Record debits first, then credits. S

a$.$ Depreciation, $$600.$

a$.$ Depreciation, $$600.$

b$.$ Prepaid rent expires, $$200.$

c$.$ Interest expense accrued, $$400.$

d$.$ Employee salaries owed for Monday through Thursday of a five$-$day workweek; weekly payroll, $$12,000.$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[($a$)$ Jul: $31,-,,],[,,],[,,],[,,],[.,,]]$

e$.$ Unearned revenue earned, $$1,200.$

f$.$ Office supplies used, $$500.$

b$.$ Prepaid rent expires, $$200.($Assume that ACB debits an asset account when rent is paid in advance.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit$],[($b$)$ Jul. $31],[,,],[,,],[,,],[,,]]$

Journalize the adjusting entries needed on July $31,2018,$

Suppose the adjustments made in Requirement $1$ were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.

c$.$ Interest expense accrued, $$400.$