Orwell surf shop accumulates the following adjustments data at December 31. 1. Services performed but unbilled total $3,000 2. Supplies of $300 have been used 3. Utility expenses of $552 are unpaid. 4. Services performed of $260 collected in advance. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $350 has expired. Required: For each of the above items, indicate the type of adjustment required.
Orwell surf shop accumulates the following adjustments data at December 31. 1. Services performed but unbilled total $3,000 2. Supplies of $300 have been used 3. Utility expenses of $552 are unpaid. 4. Services performed of $260 collected in advance. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $350 has expired. Required: For each of the above items, indicate the type of adjustment required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each of the above items, indicate the type of adjustment required.
Transcribed Image Text:Orwell surf shop accumulates the following adjustments data
at December 31.
1. Services performed but unbilled total $3,000
2. Supplies of $300 have been used
3. Utility expenses of $552 are unpaid.
4. Services performed of $260 collected in advance.
5. Salaries of $800 are unpaid.
6. Prepaid insurance totaling $350 has expired.
Required: For each of the above items, indicate the type of
adjustment required.
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