(L.OBJ. 2, 3) Journalizing adjusting and closing entries [20-30 min]
The accountant for John Lipnik, M.D., encountered the following situations while adjusting and closing the books at December 31. Consider each situation independently.
Requirements
1. The accountant failed to make the following adjusting entries at December 31:
a. Accrued salary expense, $1,400
b. Supplies expense, $400
c. Accrued interest expense on a note payable, $800
d. Depreciation of equipment, $700
e. Earned service revenue that had been collected in advance, $1,800
What is the overall effect of the adjustments to net income?
2. Journalize each omitted adjusting entry identified.
3. Assume Withdrawals were $5,000 for die year. Prepare the entry to close the Withdrawals account.
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