Question 1: Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.
(a) Accrued Service Revenue of $5,000.
(b) The unadjusted balance of the Supplies account is $1,700. The total cost of supplies remaining is $900.
(c) Interest revenue of $500 has been earned but not yet received.
(d) Equipment was purchased at the beginning of the year for $35,000. The equipment's useful life is 5 years and the residual value is $7,000. Record the depreciation for this year.
(e) The weekly payroll is $30,000. Employees are owed for 2 days of a 5-day work week.
(f) Beginning unearned service revenue is $3,000, and ending unearned service revenue is $1,500.
Question 2: Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work.
Our professional Adjusting Entries Assignment Help tutors work day and night and put their 100% effort to make your assignment paper of the top quality.
Tags: Adjusting Entries Assignment Help, Adjusting Entries Homework Help, Adjusting Entries Coursework, Adjusting Entries Solved Assignments, Net Income Assignment Help, Net Income Homework Help