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The following data at July 31,2024 , are given for BMP: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the
The following data at July 31,2024 , are given for BMP: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on July 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation, $500. b. Prepaid rent expires, $900. (Assume that BMP debits an asset account when rent is paid in advance.) c. Interest expense accrued, $400. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000. e. Unearned revenue earned, $600. (When the cash was received, assume that a liability account was credited.) f. Office supplies used, $200. (Assume that BMP debits an asset account when supplies are purchased.) Requirement 2. 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. a. Depreciation, $500. b. Prepaid rent expires, $900. c. Interest expense accrued, $400. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000. e. Unearned revenue earned, $600. f. Office supplies used, $200. 1. Journalize the adjusting entries needed on July 31,2024 . 2. 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
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