I am having problems with what kind of effect something will have on revenues, expenses, assets and liabilities. I guess the easiest way that I could illistrate is to pose a problem.
Adjusting entries were omitted. The entries that were omitted were unearned revenue of 21950 and accrued wages of 6100. I need to know how it effects revenue, expenses, net income, assets, liabilities and owner equity and also by how much it would affect them. Also, if you could tell me why it effects them.