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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the year ended December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,060 of unearned revenue that was earned, (2) earned revenue that was not billed of $10,320, and (3) accrued wages of $6,420. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income. a. Revenues were b. Expenses were c. Net income was by $ by $ by $
Transcribed Image Text:For the year ended December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,060 of unearned revenue that was earned, (2) earned revenue that was not billed of $10,320, and (3) accrued wages of $6,420. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income. a. Revenues were b. Expenses were c. Net income was by $ by $ by $
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