Reference no: EM131264503
The following account balances in the unadjusted trial balance at September 30, 2016 are presented below:
Prepaid insurance $2,700
Unearned commissions revenue 500
Office supplies 450 Prepaid rent 2,250
Accumulated depreciation 12,000
Salaries expense 4,250
Additional information:
a. A payment for six months’ rent of $2,250 was made on September 3, 2016 starting with the month of September 2016.
b. The inventory count for office supplies on hand at December 31, 2016 amounted to $125.
c. A two year insurance policy was purchased on June 1, 2015 for $5,400.
d. Unearned Commissions were the same for the months of September through December 2016 at $500 for each month; leaving a credit balance of $2,000 in the general ledger unearned commissions revenue account as of December 31, 2016 before any adjustments. All but $250 of this unearned commissions balance was earned.
e. The last three days of December 2016 salaries were earned but not paid, and have not been recorded. The total salaries for one day is $325.
f. The monthly depreciation expense for each of the 12 months of 2016 was $600. Assume that all adjusting entries have been made for the months of January through August 2016.
1. Prepare the adjusting entries at December 31, 2016. Descriptions of the journal entry and account numbers are not required.
2. If the adjusting entries were not recorded, what affect would this have on the net income for 2016 to include the amount understated or overstated?
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