The Unadjusted Trial Balance and the Adjustment Data for Porter

question 266

Essay

The unadjusted trial balance and the adjustment data for Porter Business Institute are given below along with adjusting entry information.What is the impact on net income if these adjustments are not recorded? Show the calculation for net income without the adjustments and net income with the adjustments.Which one gives the most accurate net income? Which accounting principles are being violated if the adjustments are not made?

Additional information items:
a.The Prepaid Insurance account consists of a payment for a 1 year policy.An analysis of the insurance invoice indicates that one half of the policy has expired by the end of the December 31 year-end.
b.A cash payment for space sublet for 8 months was received on July 1 and was credited to Unearned Rent.
c.Accrued interest expense on the note payable of $1,000 has been incurred but not paid.

Compare the prevalence of home births in different countries.

Recognize different forms of paternal experiences related to pregnancy and birth.

Understand the significance of neonatal tests and assessments in measuring infant development.

Learn about strategies that may mitigate maternal depression.

---

Definitions:

Unilaterally Determine

To make a decision or take action independently, without the need for agreement from others.

Pay Employees

To pay employees means to compensate workers for their services or labor as agreed upon in their employment contract or by regulatory guidelines.

Hours

The measurement of time that an individual works on a given day or for a specific project.

National Labor Relations Board

is an independent federal agency in the United States responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.