At the End of the Fiscal Year, the Following Adjusting

question 16

Essay

At the end of the fiscal year, the following adjusting entries were omitted:
a) No adjusting entry was made to transfer the $1,750 of prepaid insurance from the asset account to the expense account.
b) No adjusting entry was made to record accrued fees of $525 for services provided to customers.
Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces. Insert "0" if the error does not affect the item.

---

Definitions:

Committee

A group of individuals appointed or elected to perform a specific function or investigate a particular issue, making decisions or recommendations as a collective.

Public Information

Information that is available to the general population, aiming to keep citizens informed about governmental policies, programs, and services.

Advertisers

Entities that pay to promote their products, services, or ideas in various media formats to attract potential customers or audiences.

Emiliano Zapata

A leading figure in the Mexican Revolution (1910-1920), known for advocating for land reforms and the rights of peasants.