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What is the effect on the financial statements

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Reference no: EM132472231

Problem - Accrued Revenue Adjusting Entries Powers Rental Service had the following items that require adjustment at year-end.

a. Revenue of $9,880 from the rental of equipment was earned but the customer had not yet paid.

b. Interest of $650 on a note receivable has been earned but not yet received.

Required -

1. Prepare the adjusting entries needed at December 31.

2. What is the effect on the financial statements if these adjusting entries are not made?

Reference no: EM132472231

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