3. Year-end Adjustments Explain and provide examples of year-end adjustments. Include in your instructions the...
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3. Year-end Adjustments Explain and provide examples of year-end adjustments. Include in your instructions the following example. What is the year-end adjustment accomplishing? Why is it necessary? What would the income statement impact be if the adjustment was not made? What is the balance sheet impact if the adjustment is not made? Include an explanation for the interest expense calculation. Date June 1, 2022 from Ford Motor Company Fleet Sales Division on purchase do te and to sign o 1-year, Description Airflowing Corp. purchased a truck for $ 85,000 The sales agreement call for Airflowing Corp. to pay $ 10000 10% note for the remaining balance of the purchase price. Debit Truck $ 85,000 Notes payable Cash Credit 16/1/22 $ $ 75,000 10,000 $ 4375 12/31/22 Interest expense Year-end adjustment Interest payable $ 4,375
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