ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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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
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
Wang Company accumulates the following adjustment data at December 31.
For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers
in alphabetical order.)
(1)
Type of Adjustment
(2)
Accounts Before Adjustment
Services performed but unbilled totals $600.
a.
b.
Store supplies of $160 are on hand. The supplies account shovs a $1,900 balance.
c.
Utility expenses of $275 are unpaid.
d.
Service performed of $490 collected in advance.
e.
Salaries of $620 are unpaid.
f.
Prepaid insurance totaling $400 has expired.
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 (overstated or understated). (Enter your answers in
alphabetical order.)
(1)
Type of Adjustment
(2)
Accounts Before Adjustment
Item
(a) Supplies of $400 are on hand. Supplies account shows $1,600 balance.
(b)
Services performed but unbilled total $700.
Interest of $300 has accumulated on a note payable.
(d)
Rent collected in advance totaling $1,100 has been earned.
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