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.)Itema.b.C.d.Supplies of $400 are on hand. Supplies account shows $1,600balance.Services performed but unbilled total $700.Interest of $300 has been incurred and unpaid on a notepayable.Rent collected in advance totaling $1,100 has been earned.(1)Type of Adjustment(2)Accounts BeforeAdjustment

There are 5 type of adjustments :Accrued RevenueAccrued ExpenseDepreciationPrepaid ExpenseUnearned…

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.) (1) Type of Adjustment (2) Accounts Before Adjustment

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.) (1) Type of Adjustment (2) Accounts Before Adjustment

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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Question

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
a.
b.
C.
d.
Supplies of $400 are on hand. Supplies account shows $1,600
balance.
Services performed but unbilled total $700.
Interest of $300 has been incurred and unpaid on a note
payable.
Rent collected in advance totaling $1,100 has been earned.
(1)
Type of Adjustment
(2)
Accounts Before
Adjustment

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