Pick one of the following adjustments, and tell which financial statement or statements will be effected...
Pick one of the following adjustments, and tell which financial statement or statements will be effected if the adjustment is not made.
- Depreciation on equipment is $120 for the accounting period.
- Interest owed on a loan but not paid or recorded is $175.
- There was a beginning balance of $2,200 in the supplies account. At the end of the period $345 of supplies were on hand.
Homework Answers
Depreciation on equipment is $120 for the accounting period.
Entry :Depreciation Expense (Income Statement) Dr. $120 Accumulated Depreciation - Equip. (Balance sheet)Cr.$120
Income will be overstated and Asset will be overstated
Interest owed on a loan but not paid or recorded is $175.
Entry :Interest Expense (Income Statement) Dr. $175 Interest Payable (Balance sheet)Cr.$175
Income will be overstated and Current Liabilities will be overstated
There was a beginning balance of $2,200 in the supplies account. At the end of the period $345 of supplies were on hand. $2200 - $345 = $1855
Entry :Supplies Expense (Income Statement) Dr. $1855 Supplies (Balance sheet)Cr. $1855
Income will be overstated and Current Assets will be overstated
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Pick one of the following adjustments, and tell which financial
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