For the year ending December 31, 2020, Nathan Clinical Supplies Co. mistakenly omitted adjusting entries for (1) ‎₱8,900 of unearned revenue that was earned, (2) earned revenue that was not billed of ‎₱10,200, and (3) accrued wages of ‎₱7,000. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for 2020.

For the year ending December 31, 2020, Nathan Clinical Supplies Co. mistakenly omitted adjusting entries for (1) ‎₱8,900 of unearned revenue that was earned, (2) earned revenue that was not billed of ‎₱10,200, and (3) accrued wages of ‎₱7,000. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income for 2020.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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