For the Year Ending December 31, 2010, Nathan Clinical Supplies

question 73

Essay

For the year ending December 31, 2010, Nathan Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,900 of unearned revenue that was earned, (2) earned revenue that was not billed of $10,200, and (3) accrued wages of $7,000. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for 2010.

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Definitions:

Translation

In biology, translation is the process by which the genetic code carried by mRNA is decoded to produce the specific sequence of amino acids in a polypeptide chain.

RNA Polymerases

Enzymes responsible for synthesizing RNA from a DNA template, fundamental in the process of transcription.

Transcription

The process of copying a segment of DNA into RNA, an essential step in gene expression.

tRNA Triplet

A sequence of three nucleotides in transfer RNA that is complementary to the codon in messenger RNA and specifies a particular amino acid during protein synthesis.