State the Effect on Net Income, Total Assets, and Total

question 98

Essay

State the effect on net income, total assets, and total liabilities if the following adjustments were not made.
a)Service revenue earned but not yet collected, $2,400.
b)Utilities expense incurred but not yet recorded, $1,200.
c)Unearned revenue earned during the period, $5,600.
d)Supplies used during the period, $1,700.
e)Amortization on buildings, $26,000. $\begin{array} { | c | c | c | c | } \hline \text { Item } & \begin{array} { c } \text { Effect on } \\\text { Net Income }\end{array} & \begin{array} { c } \text { Effect on } \\\text { Total Assets }\end{array} & \begin{array} { c } \text { Effect on Total } \\\text { Liabilities }\end{array} \\\hline \text { a) } & & & \\\hline \text { b) } & & & \\\hline \text { c) } & & & \\\hline \text { d) } & & & \\\hline \text { e) } & & & \\\hline\end{array}$

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Definitions:

Conscientiousness

An attribute of character involving being orderly, dependable, and deeply committed to obligations.

Extraversion

A personality trait characterized by outgoingness, high energy, and sociability.

Division Of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Widowhood

The state or period of being a widow or widower, experienced after the death of a spouse.