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.

---

Definitions:

Job Satisfaction

The level of contentment or happiness an individual experiences regarding their job, including aspects such as work tasks, pay, and work environment.

Job Performance

The degree to which an employee executes their job duties and tasks effectively.

Happy Workers

Happy workers are employees who experience satisfaction and positive emotions towards their job, contributing to better performance and lower turnover rates.

Productive Workers

Individuals who efficiently and effectively complete tasks and contribute significantly to achieving organizational goals.