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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
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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### 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. #### Table for Financial Adjustments The table below represents a template for adjusting entries on the Balance Sheet and the Income Statement: | | **Balance Sheet** | | **Income Statement** | | |--------------------|---------------------------|------------------------------|-------------------------------------|----------------| | | Assets \<br> = \<br> | Liabilities \<br> + \<br> | Stockholders' Equity \<br> Revenues | - \<br> | Expenses \<br> = \<br> 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.
Transcribed Image Text:### 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. #### Table for Financial Adjustments The table below represents a template for adjusting entries on the Balance Sheet and the Income Statement: | | **Balance Sheet** | | **Income Statement** | | |--------------------|---------------------------|------------------------------|-------------------------------------|----------------| | | Assets \<br> = \<br> | Liabilities \<br> + \<br> | Stockholders' Equity \<br> Revenues | - \<br> | Expenses \<br> = \<br> 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.
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