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 posted all the appropriate year-endadjusting entries to the Company A general ledger and you preparedan adjusted trial balance for Company A.Answer the following question about the impacts on thefinancial statements if some or all of the adjusting entriesrequired were not posted to the general ledger.Which of the following statements are true? (There aremultiple correct answers)
If the adjusting entries for items (b) and (e) were not postedto the general ledger, then stockholders’ equity would beunderstated by $6,000.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then total liabilities would be overstatedby $6,000.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then net income would be overstated by$6,000.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then net income would be understated by$6,000.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then Accumulated Depreciation-Equipmentwould be understated by $1,675.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then total assets would be overstated by$1,675.If the adjusting entries for items (b) and (e) were not postedto the general ledger, then net income 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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