3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $3,100. BE 209 For each of the following oversights, state whether total assets will be understated (U), overstated (O), or no affect (NA). _____
1.
Failure to record revenue recognized but not yet received.
_____
2.
Failure to record expired prepaid rent.
_____
3.
Failure to record accrued interest on the bank savings account.
_____
4.
Failure to record depreciation.
_____
5.
Failure to record accrued wages.
_____
6.
Failure to record the recognized portion of unearned revenues.
BE 210 Blue Guitar Music School borrowed $30,000 from the bank signing an 8%, 6-month note on November 1. Principal and interest are payable to the bank on May 1. If the company prepares monthly financial statements, what adjusting entry should the company make at November 30 with regard to the note (round answer to the nearest dollar)? BE 211 The adjusted trial balance of Rocky Acre Spread Inc. on December 31, 2015 includes the following accounts: Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Notes Payable $7,500; Interest Expense $150; Utilities Expense, $300; Rent Expense, $500; Service Revenue, $19,600; Salaries and Wages Expense, $6,000; Supplies, $200; Supplies Expense, $1,200; Salaries and Wages Payable, $600. Prepare an income statement for the month of December. BE 212 The adjusted trial balance of Old 97 Automotive Service Company on June 30, 2015 includes the following accounts: Supplies, $300; Accumulated Depreciation, $9,500; Salaries Payable, $1,550, Notes Payable $6,750; Service Revenue, $22,100; Salaries and Wages Expense, $8,750; Depreciation Expense, $3,250; Supplies Expense, $1,000; Rent Expense, $400; Utilities Expense, $350; and Interest Expense $250. Prepare an income statement for the month of June. BE 213 The adjusted trial balance of Sodajerk Company at December 31, 2015 includes the following accounts: Retained Earnings $12,600; Dividends $7,000; Service Revenue $38,000; Salaries and Wages Expense $13,000; Insurance Expense $2,000; Rent