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

question 74

Essay

State the effect on net income, total assets, total liabilities, and shareholders' equity if the following adjustments are omitted by completing the chart below.
a. Utilities expense incurred but not yet paid, $350.
b. Supplies used during the current period, $650.
c. Service revenue earned, but not yet collected, $4,500.
d. Unearned revenue earned during the period, $900.
e. Depreciation on equipment, $2,600.
State the effect on net income, total assets, total liabilities, and shareholders' equity if the following adjustments are omitted by completing the chart below. a. Utilities expense incurred but not yet paid, $350. b. Supplies used during the current period, $650. c. Service revenue earned, but not yet collected, $4,500. d. Unearned revenue earned during the period, $900. e. Depreciation on equipment, $2,600.

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