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Category > Business & Finance Posted 02 Jun 2017 My Price 11.00

Effects of adjustments A bookkeeper prepared

Effects of adjustments A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $47,400, and the balance sheet showed ending retained earnings of $182,000. The firm’s accountant reviewed the bookkeeper’s work and determined that adjustments should be made that would increase revenues by $10,000 and increase expenses by $16,800.

Required:

Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded.

T-account analysis Answer these questions that are related to the following Interest Payable T-account:

a. What is the amount of the February 28 adjustment?

b. What account would most likely have been credited for the amount of the February transactions?

c. What account would most likely have been debited for the amount of the February 28 adjustment?

d. Why would this adjusting entry have been made?

 

Interest Payable

    
   

February 1 balance

1,200

February transactions

1,500

February 28 adjustment

?
   

February 28 balance

2,100

Answers

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Status NEW Posted 02 Jun 2017 03:06 AM My Price 11.00

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