Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?
Definitions:
Owner's Capital Account
An account on a company's balance sheet representing the total investment made by the owner(s), minus any withdrawals.
Financial Statements
Comprehensive reports that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.
Total Debits
The sum of all debit entries recorded in the accounting ledger, reflecting assets or expenses that have increased.
Total Credits
The sum of all credit entries recorded in a financial account, representing increases in assets or decreases in liabilities.
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