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Effect on the financial statements

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Reference no: EM132440585

Accrued Expense Adjusting Entries Moreau Manufacturing Ltd. had the following items that require adjustment at year-end.

a. Salaries of $4,980 that were earned in December are unrecorded and unpaid.

b. Used $2,430 of utilities in December, which are unrecorded and unpaid.

c. Interest of $1,575 on a note payable has not been recorded or paid.

Required:

1. Prepare the adjusting entries needed at December 31.

2. What is the effect on the financial statements if these adjusting entries are not made?

Reference no: EM132440585

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