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The following numbers are taken from the financial statements of Sherry Company for year ended Dec. 31, 2020. Adjustment Adjusted Bal Revenues Expenses Net Income
The following numbers are taken from the financial statements of Sherry Company for year ended Dec. 31, 2020. Adjustment Adjusted Bal Revenues Expenses Net Income Assets Total Liabilities SE Equity Unadjusted Bal 120,000 80,000 40,000 100,000 30,000 70,000 During the audit, auditors detected the following transaction was not recorded: Error: Company paid $8,000 on a loan to bank and recorded all of it as interest expense. However, $6,000 of the $8,000 was for the payment of the principal of the loan and only the rest was for interest. What would be the adjusted balances for the above items in the financial statements after correcting the above error. after correcting the above error. Example of Answer: Revenues = 2000 Expenses = 1800 Net Income = 200 SO on (No space, comma, decimal point, or $ sign) Show negative amount with a minus Example: Net Cash Flows from Operating Activities = A Revenues = AJ Expenses = Net Income = A Total Assets = A/ Total Liabilities = A Total SE = A
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