Reference no: EM131773804
This is a 2-part question.
Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.
(a) The unadjusted balance of the Supplies account is $2,200. The total cost of supplies remaining is $1,000.
(b) Accrued Service Revenue of $9,000.
(c) Equipment was purchased at the beginning of the year for $45,000. The equipment's useful life is 5 years, and the residual value is $5,000. Record the depreciation for this year.
(d) The weekly payroll is $25,000. Employees are owed for 3 days of a 5-day work week.
(e) Beginning unearned service revenue is $7,500, and ending unearned service revenue is $3,500.
(f) The business has interest expense of $750 that is due in January.
Part 2) Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made.
Please share your work.
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