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Compute the overall overstatement or understatement

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Reference no: EM132483731

Journalizing adjusting entries and analyzing their e?ects on net income; comparing accrual and cash basis) An accountant made the following

adjustments at December 31, the end of the accounting period:

  1. Prepaid insurance, beginning, €800.
  2. Payments for insurance during the period, €2,500.
  3. Prepaid insurance, ending, €1,400.
  4. Interest revenue accrued, €1,200.
  5. Uneamed service revenue, beginning, €1,500. Uneamed service revenue, ending, €600.
  6. Depreciation, €4,700.
  7. Employees' salaries owed for three days of a ?ve-day work week; weekly payroll, €24,000.
  8. Income before income tax, €21,000. Income tax rate is 25%.

Requirements

Question 1. Journalize the adjusting entries.

Question 2. Suppose the adjustments were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.

Reference no: EM132483731

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