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Answer to Question #47159 in Finance for Felisia Fitri Anita

Question #47159
For the year ending November 30, 2010, Towson Medical Services Co. mistakenly omitted adjusting entries for (1) $1,430 of supplies that were used, (2) unearned revenue of
$11,150 that was earned, and (3) insurance of $6,000 that expired. Indicate the combined
effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended
November 30, 2010.
Expert's answer
The combined effect of the errors will be the next: 
(a) revenues will increase by $11,150, 
(b) expenses will increase by 1,430+6,000 = $7,430, 
(c) net income for the year ended November 30, 2010 will increase by 11,150 - 7,430 = $3,720

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