(L.OBJ. 4, 6) Journalizing adjusting entries and analyzing their effect on the income statement [5—10 min]
The following data at January 31, 2011 is given for BPM.
a. Depreciation, $ 100
b. Prepaid rent expired, $400
c. Interest expense accrued, $900
d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $14,000
e. Unearned service revenue earned, $800
Requirements
1. Journalize the adjusting entries needed on January 31, 2011.
2. Suppose the adjustments made in requirement 1 were not made, Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. (Challenge)
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