Required 1 Required 2 If adjustments were not made each period, the financial results could...
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Required 1 Required 2 If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Brokeback's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. Brokeback's net income by No Transaction General Journal Debit Credit 102 Insurance Expense Prepaid Insurance 102 2 b 780 Supplies Expense Supplies 780 3 720 Repairs and Maintenance Expense Accounts Payable 720 d 7,550 Accounts Receivable Service Revenue 7,550 2,350 Depreciation Expense Accumulated Depreciation 2,350 6 420 Interest Expense Interest Payable 420 5,500 Income Tax Expense Income Tax Payable 5,500
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