Manning Manufacturing Inc. had the following items that require adjustment at year end.
a. Salaries of $5,320 that were earned in December are unrecorded and unpaid.
b. Used $1,970 of utilities in December, which are unrecorded and unpaid.
c. Interest of $925 on a note payable has not been recorded or paid.
Required:
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the? nancial statements if these adjusting entries are not made?
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