Answer:-
Date |
Particulars |
Debit |
Credit |
1 |
Insurance Expense (576/24*6) |
$144 |
|
Prepaid Insurance |
$144 |
||
2 |
Supplies Expense (1,000-290) |
$710 |
|
Supplies |
$710 |
||
3 |
Repairs and Maintenance Expense |
$790 |
|
Accounts Payable |
$790 |
||
4 |
Accounts Receivable |
$7,900 |
|
Service Revenue |
$7,900 |
||
5 |
Depreciation Expense |
$2,700 |
|
Accumulated Depreciation—Equipment |
$2,700 |
||
6 |
Interest Expense |
$490 |
|
Interest Payable |
$490 |
||
7 |
Income Tax Expense (29,000*25%) |
$7,250 |
|
Income Tax Payable |
$7,250 |
||
2 |
|||
Un-adjusted expenses = 144+710+790+2,700+490+7,250= $12,084 Net adjustment to income = 12,084-7,900 = $4,184 Broke back’s net income overstated by $4,184 |
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