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3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by

3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by
Transcribed Image Text:3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable. Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. Debit Credit $38 9 6 80 0 10 26 0 $169 $0 9 0 0 76 4 80 $169
Transcribed Image Text:Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable. Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. Debit Credit $38 9 6 80 0 10 26 0 $169 $0 9 0 0 76 4 80 $169
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