Assume that you are responsible for preparing and posting allappropriate year-end adjusting entries for Company A based on theinformation provided above.Assume that you have postedall the appropriate year-end adjusting entries to the Company Ageneral ledger and you prepared an adjusted trial balance forCompany A.Answer the followingquestion about the impacts on the financial statements if some orall of the adjusting entries required were not posted to thegeneral ledger.Which of the followingstatements are true? (There are multiple correct answers)
If the adjusting entries foritems (b) and (e) were not posted to the general ledger, thenstockholders’ equity would be understated by $6,000.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, then totalliabilities would be overstated by $6,000.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, then netincome would be overstated by $6,000.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, then netincome would be understated by $6,000.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, thenAccumulated Depreciation-Equipment would be understated by$1,675.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, then totalassets would be overstated by $1,675.If the adjusting entries foritems (b) and (e) were not posted to the general ledger, then netincome would be understated by $4,325.Accounts Receivable 75,000 Equipment 250,000 Accumulated Depreciation Equipment 12,000 Prepaid Rent 12,000 3,170 Supplies 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 follow *s ta 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. f. Unbilled fees at November 30, $5,380. Show transcribed image text Accounts Receivable 75,000 Equipment 250,000 Accumulated Depreciation Equipment 12,000 Prepaid Rent 12,000 3,170 Supplies 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 follow *s ta 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. f. Unbilled fees at November 30, $5,380.
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