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ABC Company has the following liabilities at year-end: Notes Payable $50,000 Accounts Payable $25,000 Wages...

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Accounting

ABC Company has the following liabilities at year-end:

Notes Payable $50,000

Accounts Payable $25,000

Wages Payable $9,000

Interest Payable $1,000

Unearned Service Revenue $3,400

a. Which of these account(s) probably was/were created at the end of the fiscal year as a result of an accrual? Which account(s) probably was/were not adjusted at year-end? Explain your answer.

b. Which adjustments probably reduced net income, and which adjustments probably increased net income? Explain your answers.

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