This Question: 24 pts 28 of 33 (23 complete) This Test: 151 pts possible The adj

Question

This Question: 24 pts 28 of 33 (23 complete) This Test: 151 pts possible The adjusting entries for the following adjustments were omitted at period-end (Click the icon to view the omitted adjustments) irement Xrmat to help analyze the - 1. Compute the amount by which More Info transactions. (Use parentheses (Click the icon to view the a. Prepaid rent expired, $1,250 Overstatedb. Depreciation, $1,100 Transaction a. b. c. d. c. Employee salaries owed for Monday through Wednesday of a five-day workweek, $4.250 d. Supplies used during the perlod, $200 e. Unearned service revenue now earned, $1.300 Print Done e. Total impact nt fieins ant then continue to the next question

Explanation / Answer

Transcation Overstated/Understated Amount Remarks a Overstated $   1,250.00 Prepaid rent has expired that means it has to be shown in the income statement as rent Expense. Since the same has not been shown profit is overstated by $1,250 b Overstated $   1,100.00 Depreciation is an expense to e included in the income statement, it will be reduce the cost of assets and Profit c Overstated $   4,250.00 Employee Salaries is an Expense and to be booked in income statement d Overstated $       200.00 Supplies used to be charged in income statement e Understated $ (1,300.00) The revenue earned is an income Total Impact Overstated $   5,500.00

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