Part-1 | |
Event | Type of Adjustment |
1 | prepaid Expense |
2 | Accrued Revenue |
3 | Unearned Revenue |
4 | Accrued Expense |
5 | Accrued Expense |
6 | Accrued Expense |
Part-2 | ||
Event | Type of Adjustment | Status before Adjustment |
1 | prepaid Expense | Understatment |
2 | Accrued Revenue | Understatment |
3 | Unearned Revenue | overstatment |
4 | Accrued Expense | Understatment |
5 | Accrued Expense | Understatment |
6 | Accrued Expense | Understatment |
Prepare adjusting entries for the six items described above. Duran Company accumulates the following adjustment data...
Prepare adjusting entries for the seven items
described above.
Mendoza Company accumulates the following adjustment
data at December 31
Instructions Prepare adjusting entries for the seven items described above. E3.6 (LO 2, 3, 4) Mendoza Company accumulates the following adjustment data at December 31. Identify types of adjustments and account relationships. 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....
Orwell Surf Shop accumulates the following adjustment 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. Identify the type of adjusting entry needed. Prepare adjusting entries from selected data. Identify types of adjustments and account relationships.For each of the above items indicate the...
Buena Vista Social Club accumulates the following adjustment data at December 31. 1. Revenue of $5,000 collected in advance has been earned. 2. Salaries of $1,000 are unpaid. 3. Prepaid rent totaling $500 has expired. 4. Supplies of $450 have been used. 5. Revenue earned but unbilled total $1,000. 6. Utility expenses of $600 are unpaid. 7. InterestExpense of $300 has accrued on a note payable. Instructions For each of the above items indicate: The type of adjustment (prepaid...
4. the adjusting Entry. prepare your answer in Tabular
form.
The Cheyenne Company accumulates the following adjustment data at December 31 Styles 1. Revenue of $1,232 collected in advance has been recognized. 2. Salaries of $600 are unpaid. 3. Prepaid rent totaling $368 has expired 4. Supplies of $484 have been used 5. Revenue recognized but unbilled totals $720. 6. Utility expenses of $336 are unpaid. 7. Interest of $220 has accrued on a note payable. For each of the...
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 (a) Services performed but unbilled totals $600. Accrued Revenues Assets Understated Revenues Understated (b) Store supplies of $160 are on hand. The supplies account shows a...
CALCULATOR P Exercise 3-6 Lei Company accumulates the following adjustment data at December 31. 1. Services performed but unbilled total $1,000. 2. Supplies of $300 have been used. Utility expenses of $225 are unpaid. 4. Services performed of $260 collected in advance. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $350 has expired. For each of the above items indicate the following. (Enter ans phabetical order.) (a) The type of adjustment (prepaid expense, unearned revenu (b) The status...
ABC Corp accumulates the following adjustment data at December 31. 1. Revenue of $1,600, collected in advance, has been recognized because the firm has completed its performance obligation. 2. Salaries of $600 are unpaid. 3. Prepaid rent totaling $500 has expired. 4. Supplies of $450 have been used. 5. Revenue recognized but unbilled total $750. 6. Utility expenses of $250 are unpaid. Failure to record the appropriate adjustment for (2) above would lead to: O An overstatement of equity An...
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 (a) Services performed but unbilled totals $600. Select a type of 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 (a) Services performed but unbilled totals $600. Select a type of 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 (a) Services performed but unbilled totals $600. Select a type of adjustment ...