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Effect of Omitting Adjustments For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6,700 of supplies that were used, (2) unearned revenue of $11,300 that was earned, and (3) insurance of $2,500 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended April 30. (a) Revenues   $fill in the blank 2 (b) Expenses   $fill in the blank 4 (c) Net income   $fill in the blank 6

Effect of Omitting Adjustments For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6,700 of supplies that were used, (2) unearned revenue of $11,300 that was earned, and (3) insurance of $2,500 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended April 30. (a) Revenues   $fill in the blank 2 (b) Expenses   $fill in the blank 4 (c) Net income   $fill in the blank 6

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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Effect of Omitting Adjustments

For the year ending April 30, Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6,700 of supplies that were used, (2) unearned revenue of $11,300 that was earned, and (3) insurance of $2,500 that expired. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended April 30.

(a) Revenues
 
 $fill in the blank 2
(b) Expenses
 
 $fill in the blank 4
(c) Net income
 
 $fill in the blank 6
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