On December 31, 2018, Alan and Company prepared an income statement and balance sheet but failed to take into account four
Effect of Amortization of $7,200 for the year on software was not recorded.
Salaries and Wages amounting to $16,200 for the last three days of December 2018 were not paid and not recorded (the next payroll will be on January 10, 2019).
Rent revenue of $3,600 was collected on December 1, 2018, for office space for the three-month period December 1, 2018, to February 28, 2019. The $3,600 was credited in full to Deferred Revenue when collected.
Income taxes were not recorded and not paid. The income tax rate for the company is 30%.
Complete the following table to show the effects of the four adjusting journal entries. (Negative amounts should be indicated by a minus sign.)
Net Income. Total assets Total liabilities Stockholders equity
Including the impact of the income tax of 30%