Reference no: EM132818416
An accountant made the following adjustments at December 31, the end of the accounting period:
a. Prepaid insurance, beginning, $700. Payments for insurance during the period, $2,100. Prepaid insurance, ending, $800.
b. Interest revenue accrued, $900.
c. Unearned service revenue, beginning, $800. Unearned service revenue, ending, $300.
d. Depreciation, $6,200.
e. Employees' salaries owed for three days of a five-day work week; weekly payroll, $9,000.
f. Income before income tax expense, $20,000. Income tax rate is 25%.
Requirements
Problem 1. Journalize the adjusting entries.
Problem 2. If the accountant was biased to report a better operating performance for the period than actually occurred, which of the preceding adjustments would he have not made and why? Would it have been ethical for him
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