FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On June 1, Rogers Company purchased $2,990 of supplies on account and debited Supplies. At the end of the calendar year, $2,410 of supplies remained. If the
appropriate adjusting entry is not made at the end of the year, what will be the effect on:
(a) Income statement accounts (overstated, understated, or no effect)?
(b) Net income (overstated, understated, or no effect)?
(c) Balance sheet accounts (overstated, understated, or no effect)?
F
Income Statement Accounts
Revenue:
Choose One O
Expense:
Choose One C
Net Income:
Choose One O
Balance Sheet Accounts
Assets:
Choose One
Liabilities:
Choose One C
Retained Earnings:
Choose One C
Explanation
X
S ?
Check
::
20
990
DOD
F4
-
F5
MacBook Air
F6
F7
© 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Cer
DII
DD
FB
F10
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59
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Transcribed Image Text:On June 1, Rogers Company purchased $2,990 of supplies on account and debited Supplies. At the end of the calendar year, $2,410 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)? F Income Statement Accounts Revenue: Choose One O Expense: Choose One C Net Income: Choose One O Balance Sheet Accounts Assets: Choose One Liabilities: Choose One C Retained Earnings: Choose One C Explanation X S ? Check :: 20 990 DOD F4 - F5 MacBook Air F6 F7 © 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Cer DII DD FB F10 FI ( 59 U 1
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