How do I solve this? ### Accrual AdjustmentsPrepare the necessary adjustments for Sparky Electronics for the following items:a. Salaries for employees in the amount of $2,500 have been incurred but have not been paid.b. Interest expense of $1,200 has been incurred but not yet paid for an outstanding note.c. Work performed but not yet billed for $3,500.**Note:** Use negative signs with answers, when appropriate.#### Table for Financial AdjustmentsThe table below represents a template for adjusting entries on the Balance Sheet and the Income Statement:| | **Balance Sheet** | | **Income Statement** | ||--------------------|---------------------------|------------------------------|-------------------------------------|----------------|| | Assets \ = \ | Liabilities \ + \ | Stockholders' Equity \ Revenues | - \ | Expenses \ = \ Net Income || **a.** | 0 | 0 | 0 | 0 | 0 | 0 || **b.** | 0 | 0 | 0 | 0 | 0 | 0 || **c.** | 0 | 0 | 0 | 0 | 0 | 0 |- This table is used to record the adjustments related to the given scenarios.- Each row corresponds to an item from the list above (a, b, c).- Fill in the appropriate amounts using negative signs where necessary.Press "Check" after completing the adjustments to verify the entries.

Adjusting entry means where some adjustment need to be made at the end of specified period for…

Accrual Adjustments Prepare the necessary adjustments for Sparky Electronics for the following items: a. Salaries for employees in the amount of $2,500 have been incurred but have not been paid. b. Interest expense of $1,200 has been incurred but not yet paid for an outstanding note. c. Work performed but not yet billed for $3,500. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Revenues Expenses = Net Income a. b. C. Check o o o

Accrual Adjustments Prepare the necessary adjustments for Sparky Electronics for the following items: a. Salaries for employees in the amount of $2,500 have been incurred but have not been paid. b. Interest expense of $1,200 has been incurred but not yet paid for an outstanding note. c. Work performed but not yet billed for $3,500. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Revenues Expenses = Net Income a. b. C. Check o o o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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