For the year ending December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,820 of unearned revenue that was earned, (2) earned revenue that was not billed of $8,280, and (3) accrued wages of $7,280. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income. a. Revenues were v by $ b. Expenses were by $ c. Net income was v by $

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....
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For the year ending December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,820 of unearned revenue that was earned, (2) earned revenue that was not billed of $8,280, and (3)
accrued wages of $7,280. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income.
a. Revenues were
v by $
b. Expenses were
v by $
c. Net income was
v by $
Transcribed Image Text:For the year ending December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,820 of unearned revenue that was earned, (2) earned revenue that was not billed of $8,280, and (3) accrued wages of $7,280. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income. a. Revenues were v by $ b. Expenses were v by $ c. Net income was v by $
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