At the End of the Fiscal Year, the Following Adjusting

question 59

Essay

At the end of the fiscal year, the following adjusting entries were omitted:
(a)No adjusting entry was made to transfer the $3,000 of prepaid insurance from the asset account to the expense account.
(b)No adjusting entry was made to record accrued fees of $500 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.

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Definitions:

Attention-Deficit/Hyperactivity Disorder

A neurodevelopmental disorder characterized by a persistent pattern of inattention and/or hyperactivity-impulsivity that interferes with functioning or development.

U.S. School Children

A demographic group referring to children in the United States who are enrolled in elementary, middle, or high schools.

Dissociative Identity Disorder

A severe form of dissociation, a mental process which produces a lack of connection in a person's thoughts, memory, and sense of identity.

Somatic Symptom Disorders

A group of disorders in which individuals experience significant physical symptoms that have a psychological origin, often accompanied by excessive thoughts and behaviors related to the symptoms.