At the End of the Fiscal Year, the Following Adjusting

question 155

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.

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Definitions:

Genome

Originally, all the genetic material in a cell or individual organism. The term is used in more than one way depending on context (e.g., an organism’s haploid genome is all the DNA contained in one haploid set of its chromosomes, and its mitochondrial genome is all the DNA in a mitochondrion). See Human Genome.

Chromosomal DNA

Chromosomal DNA is the DNA that constitutes the chromosomes of a cell, encoding most of the genetic information needed for the organism's development, functioning, and reproduction.

Human Genome Project

Initiative completed in 2003 to determine the sequence of bases for a human haploid reference genome of more than 3 billion nucleotide base pairs.

Bt Corn

Genetically modified corn expressing a bacterium toxin, providing resistance to certain pests.