Effect of Omitting Adjustments For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6,700 of supplies that were used, (2) unearned revenue of $11,300 that was earned, and (3) insurance of $2,500 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended April 30. (a) Revenues $fill in the blank 2 (b) Expenses $fill in the blank 4 (c) Net income $fill in the blank 6
Effect of Omitting Adjustments For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6,700 of supplies that were used, (2) unearned revenue of $11,300 that was earned, and (3) insurance of $2,500 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended April 30. (a) Revenues $fill in the blank 2 (b) Expenses $fill in the blank 4 (c) Net income $fill in the blank 6
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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Effect of Omitting Adjustments
For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted
(a) Revenues |
|
$fill in the blank 2 |
(b) Expenses |
|
$fill in the blank 4 |
(c) Net income |
|
$fill in the blank 6 |
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