The folswing urformation was obtained from the stocunting records: 1. An inventary of nupples indicates wupples with a coat of 51,000 remain 2. The beyininc balance of Brepa d liturance represents a one-vear polky purchased the prevlaus year. The idy 1 amsunt represents the purahait of s she-year pollcy. 1. Or the Unearned Mrvenue, 405 remained unearned at year-end. 4. The Iquicment has a tehyea' ife and a depreciated uins the itraight-ine method. 5. Saleriet are poid every twe weeka on feiday the weridayti. The heat porrel cyde ende sat latuary and. Total payred en that date will be $3.000. f. Senvices renlered but unbeled at vetr tnd amounted to $3,500. Mequired: 1. Uvier the infermatien obeve, grepare the necescary edfating entriet in "Adjating fatriet" tab and pont to the T.accourhe above; 2. Baved en the edjused balancet obeve, arepare the nectuary deaint entrint in "Clating fntries" tab and gout ts the T actaunta abeve 1. Pleae antwer the following qvestiont A. What is the effect an Net income of making Adjusiments 1 6 ? Abiets Liebliation stockhidern Equiny herenue fapense Net inceme c. Which accuunting arinciples gevere the recegnition af revenge and expence in an accounting perios? 0. What is the Met inceme for the period? What is the balante in Aetained farnines at 12/3t ? The following information was obtained from the accounting records: 1. An inventory of supplies indicates supplies with a cost of $1,800 remain 2. The beginning balance of Prepald insurance represents a one-year policy purchased the previous year. The July 1 amount represents the purchase of a one-veat policy. 3. Of the Unearned Revenue, 40% remained unearned at year-end. 4. The Equipment has a ten-year life and is depreciated using the straight-line method. 5. Salaries are paid every two weeks on Friday (10 workdays). The next payroll cycle ends on January 2 nd, Total payroll on that date will be $3,000. 6. Services rendered but unbilled at year end amounted to $3,500. Required: 1. Using the information above, prepare the necessary adjusting entries in "Adjusting Entries" tab and post to the T-accounts above; 2. Based on the adjusted balances above, prepare the necessary closing entries in "Closing Entries" tab and post to the Taaccounts above 3. Please answer the following questions: A. What is the effect on Net income of making Adjustments 1.6 ? 6. If Adjusting entry $3 is omitted, which of the following financial statement items will be overstated or understated? Assets Liabilities Stochholder's Equity Revenue Expense Net income C. Which accounting principles govern the recognition of revenue and expense in an accounting period? D. What is the Net income for the period? What is the balance in felained Earmings at 12/31? The folswing urformation was obtained from the stocunting records: 1. An inventary of nupples indicates wupples with a coat of 51,000 remain 2. The beyininc balance of Brepa d liturance represents a one-vear polky purchased the prevlaus year. The idy 1 amsunt represents the purahait of s she-year pollcy. 1. Or the Unearned Mrvenue, 405 remained unearned at year-end. 4. The Iquicment has a tehyea' ife and a depreciated uins the itraight-ine method. 5. Saleriet are poid every twe weeka on feiday the weridayti. The heat porrel cyde ende sat latuary and. Total payred en that date will be $3.000. f. Senvices renlered but unbeled at vetr tnd amounted to $3,500. Mequired: 1. Uvier the infermatien obeve, grepare the necescary edfating entriet in "Adjating fatriet" tab and pont to the T.accourhe above; 2. Baved en the edjused balancet obeve, arepare the nectuary deaint entrint in "Clating fntries" tab and gout ts the T actaunta abeve 1. Pleae antwer the following qvestiont A. What is the effect an Net income of making Adjusiments 1 6 ? Abiets Liebliation stockhidern Equiny herenue fapense Net inceme c. Which accuunting arinciples gevere the recegnition af revenge and expence in an accounting perios? 0. What is the Met inceme for the period? What is the balante in Aetained farnines at 12/3t ? The following information was obtained from the accounting records: 1. An inventory of supplies indicates supplies with a cost of $1,800 remain 2. The beginning balance of Prepald insurance represents a one-year policy purchased the previous year. The July 1 amount represents the purchase of a one-veat policy. 3. Of the Unearned Revenue, 40% remained unearned at year-end. 4. The Equipment has a ten-year life and is depreciated using the straight-line method. 5. Salaries are paid every two weeks on Friday (10 workdays). The next payroll cycle ends on January 2 nd, Total payroll on that date will be $3,000. 6. Services rendered but unbilled at year end amounted to $3,500. Required: 1. Using the information above, prepare the necessary adjusting entries in "Adjusting Entries" tab and post to the T-accounts above; 2. Based on the adjusted balances above, prepare the necessary closing entries in "Closing Entries" tab and post to the Taaccounts above 3. Please answer the following questions: A. What is the effect on Net income of making Adjustments 1.6 ? 6. If Adjusting entry $3 is omitted, which of the following financial statement items will be overstated or understated? Assets Liabilities Stochholder's Equity Revenue Expense Net income C. Which accounting principles govern the recognition of revenue and expense in an accounting period? D. What is the Net income for the period? What is the balance in felained Earmings at 12/31
