Question Effects of Errors on Financial Statements The accountant forHallmark Medical Co., a medical services consulting firm,mistakenly omitted adjusting entries for (a) unearned revenueearned during the year ($27,280) and (b) accrued wages ($4,780).Indicate the effect of each error, considered individually, on theincome statement for the current year ended May 31. Also indicatethe effect of each error on the May 31 balance sheet. Enter allamounts as positive numbers. Enter "0" in those spaces where thereis no overstatement or no understatement. Error (a) The adjustingentry for unearned revenue earned during the year ($27,280) wasomitted.

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $545,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,450,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $22,500. a.  Determine the amount of the adjusting entry for uncollectible accounts.$ b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c.  Determine the net realizable value of accounts receivable.$

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $743,691 and Allowance for Doubtful Accounts has a balance of $20,139. What is the net realizable value of the accounts receivable? Select the correct answer. $723,552 $20,139 $763,830 $743,691