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Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment (a) Supplies of $400 are on hand. Supplies account shows $1,600 balance. Accrued Expenses Assets Understated Expenses Overstated (b) Services performed but unbilled total $700. Accrued Revenues Liabilities Understated Revenues Overstated (c) Interest of $300 has accumulated on a note payable. Accrued Expenses Assets Overstated Expenses Understated (d) Rental services related to rent collected in advance totaling $1,100 have been provided. Accrued Revenues Assets Overstated Revenues Overstated

Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment (a) Supplies of $400 are on hand. Supplies account shows $1,600 balance. Accrued Expenses Assets Understated Expenses Overstated (b) Services performed but unbilled total $700. Accrued Revenues Liabilities Understated Revenues Overstated (c) Interest of $300 has accumulated on a note payable. Accrued Expenses Assets Overstated Expenses Understated (d) Rental services related to rent collected in advance totaling $1,100 have been provided. Accrued Revenues Assets Overstated Revenues Overstated

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment (a) Supplies of $400 are on hand. Supplies account shows $1,600 balance. Accrued Expenses Assets Understated Expenses Overstated (b) Services performed but unbilled total $700. Accrued Revenues Liabilities Understated Revenues Overstated (c) Interest of $300 has accumulated on a note payable. Accrued Expenses Assets Overstated Expenses Understated (d) Rental services related to rent collected in advance totaling $1,100 have been provided. Accrued Revenues Assets Overstated Revenues Overstated
Transcribed Image Text:Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment (a) Supplies of $400 are on hand. Supplies account shows $1,600 balance. Accrued Expenses Assets Understated Expenses Overstated (b) Services performed but unbilled total $700. Accrued Revenues Liabilities Understated Revenues Overstated (c) Interest of $300 has accumulated on a note payable. Accrued Expenses Assets Overstated Expenses Understated (d) Rental services related to rent collected in advance totaling $1,100 have been provided. Accrued Revenues Assets Overstated Revenues Overstated
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