Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?

Question

Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
  The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?

Quizplus · Accepted Answer

The Answer of Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
  The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?

Use the Information That Follows Taken from the Unadjusted Accounting