Question: Accrued Revenue Adjusting Entries Powers Rental Service had the following items that require adjustment at year-end.
a. Revenue of $9,880 from the rental of equipment was earned but the customer had not yet paid.
b. Interest of $650 on a note receivable has been earned but not yet received.
Required:
Q1. Prepare the adjusting entries needed at December 31.
Q2. What is the effect on the financial statements if these adjusting entries are not made?
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