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The following numbers are taken from the financial statements of Sherry Company for year ended Dec. 31, 2020. Unadjusted Adjustment Adjusted Bal Bal Revenues Expenses
The following numbers are taken from the financial statements of Sherry Company for year ended Dec. 31, 2020. Unadjusted Adjustment Adjusted Bal Bal Revenues Expenses Net Income Assets Total Liabilities SE Equity 120,000 80.000 40,000 100,000 30,000 70,000 During the audit, auditors detected the following error: Error: Company collected $3,000 from a customer in advance for services to be provided next year. Company failed to record the transaction/collection. What would be the adjusted balances for the above items in the financial statements after correcting the above transaction. Example of Answer: Revenues = 2000 Expenses = 1800 Net Income = 200 SO on What would be the adjusted balances for the above items in the financial statements after correcting the above transaction. 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 = AJ Net Income = A Total Assets = Total Liabilities = A/ Total SE = A
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