Week 3 Homework
1. No expense has yet been recorded. $310,000
2. Accrued, but unbilled, revenue during December amounts to $57,000.
3. The firm received $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31, $3,600 had actually been earned by the firm.
4. Prior for salaries amounting to $2,000.
5. Record the necessary adjusting journal entries on December 31. (Ignore income taxes)
b. By how much did Sweeney & Allen's net income increase or decrease as a result of the adjusting entries performed in part a? Complete this question by entering your answers in the tabs below.