Assume that you are responsiblefor preparing and posting all appropriate year-end adjustingentries for Company A based on the information providedabove.
Assume that you have posted all the appropriate year-end adjustingentries to the Company A general ledger and you prepared anadjusted trial balance for Company A.
Answer the following question about the impacts on the financialstatements if some or all of the adjusting entries required werenot posted to the general ledger.
Which of the following statements are true? (There are multiplecorrect answers)
If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then stockholders’ equity would be understatedby $6,000.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then total liabilities would be overstated by$6,000.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then net income would be overstated by$6,000.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then net income would be understated by$6,000.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then Accumulated Depreciation-Equipment wouldbe understated by $1,675.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then total assets would be overstated by$1,675.If the adjusting entries for items (b) and (e) were not posted tothe general ledger, then net income would be understated by$4,325.Accounts Receivable 75,000 Equipment 250.000 $12,000 Accumulated Depreciation Equipment Prepaid Rent 12,000 Supplies 3,170 Wages Payable Unearned Fees 10,000 Fees Earned 400,000 140,000 Wages Expense Rent Expense Depreciation Expense Supplies Expense Additional information about year-end adjusting entries needed for Company A is as follows: *ata needed for year-end adjustments are as follows: a. Supplies on hand at November 30, $550. b. Depreciation of equipment during year, $1,675. c. Rent expired during year, $8,500. d. Wages accrued but not paid at November 30, $2,000. e. Unearned fees at November 30, $4,000. Unbilled fees at November 30, $5,380. Required: Assume that you are responsible for preparing and posting all appropriate year-end adjusting entries for Company A based on the information provided above. Assume that you have posted all the appropriate year-end adjusting entries to the Company A general ledger and you prepared an adjusted trial balance for Company A. Answer the following question about the impacts on the financial statements if some or all of the adjusting entries required were not posted to the general ledger. Show transcribed image text Accounts Receivable 75,000 Equipment 250.000 $12,000 Accumulated Depreciation Equipment Prepaid Rent 12,000 Supplies 3,170 Wages Payable Unearned Fees 10,000 Fees Earned 400,000 140,000 Wages Expense Rent Expense Depreciation Expense Supplies Expense Additional information about year-end adjusting entries needed for Company A is as follows: *ata needed for year-end adjustments are as follows: a. Supplies on hand at November 30, $550. b. Depreciation of equipment during year, $1,675. c. Rent expired during year, $8,500. d. Wages accrued but not paid at November 30, $2,000. e. Unearned fees at November 30, $4,000. Unbilled fees at November 30, $5,380. Required: Assume that you are responsible for preparing and posting all appropriate year-end adjusting entries for Company A based on the information provided above. Assume that you have posted all the appropriate year-end adjusting entries to the Company A general ledger and you prepared an adjusted trial balance for Company A. Answer the following question about the impacts on the financial statements if some or all of the adjusting entries required were not posted to the general ledger.
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