For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for $1,500 of...
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Accounting
For the year ending December 31, Orion, Inc. mistakenly omitted adjusting entries for $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earned, and (3) insurance of $5,000 that expired. For the year ending December 31, what is the effect of these errors on revenues, expenses, and net income? a. Expenses are overstated by $6,500. Ob. Expenses are understated by $3,500. oc. Net income is overstated by $2,300
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