For the year ending April 30, Peck Medical Services Co. mistakenly omitted adjusting entries for (1) $7,600 of supplies that were used, (2) unearned revenue of $11,800 that was earned, and (3) insurance of $2,900 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 (b) Expenses (c) Net income $ $

For the year ending April 30, Peck Medical Services Co. mistakenly omitted adjusting entries for (1) $7,600 of supplies that were used, (2) unearned revenue of $11,800 that was earned, and (3) insurance of $2,900 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 (b) Expenses (c) Net income $ $

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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Hi,I am having a terrible time trying to understand when the balance in the allowance for doubtful account is involved in the final answer, and when it is not. Will you please explain why the answers are what they are in the attachment?
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