RECOMMENDED!!ACCOUNTING 504-Journalize the adjusting entries below at year
his is a 2-part question. Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.(a) Accrued Service Revenue of $5,000(b) The unadjusted balance of the Supplies account is $1,700. The total cost of supplies remaining is $900.(c) Interest revenue of $500 has been earned but not yet received.(d) Equipment was purchased at the beginning of the year for $35,000. The equipment’s useful life is 5 years and the residual value is $7,000. Record the depreciation for this year.(e) The weekly payroll is $30,000. Employees are owed for 2 days of a 5-day work week.(f) Beginning unearned service revenue is $3,000, and ending unearned service revenue is $1,500. (30 points)Part 2) Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work. (6 points)
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