Effect of Omitting Adjustments For the year ending April 30. Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6.200 of supplies that were used. (2) uneamed revenue of $11.100 that was earned. and (3) insurance of $4.500 that expired. Indicace the combined effeet of the errors en (a) revenues. (b) expenses, and (e) net income for the year ended 30. (a) Revenues understated v $ 11.100 v (b) Expenses understated v (e) Net income understated v

Effect of Omitting Adjustments For the year ending April 30. Beckinworth Medical Services Co. mistakenly omitted adjusting entries for (1) $6.200 of supplies that were used. (2) uneamed revenue of $11.100 that was earned. and (3) insurance of $4.500 that expired. Indicace the combined effeet of the errors en (a) revenues. (b) expenses, and (e) net income for the year ended 30. (a) Revenues understated v $ 11.100 v (b) Expenses understated v (e) Net income understated v

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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