Question

View Policies Current Attempt in Progress 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 7 b Services performed butunbilied total $700. Interest of $300 has accumulated on a note payable. Rent collected in advance totaling $1.100 has been >

Answer 1

(2) Accounts Before An Cortina Company Accumulates the following adjustment Data December 31. Item (1) Type of Adjustment Adjustment. (a) Supplies of $400 are on Prepaid Assets Overstated hand_supplies account Expenses Expenses shows Understated $ 1.600 balance 662 Services Performed but Accrued Revenues Assets Understate but Unbilled total $700 Revenue Understated on a note (6) Interest of $300 has Accrued Expontes Expenses Understate accumulated Liabilities Unederstand! Payable. (d) Rent collected in advance Unearned Habitter Overstatel totalling $1,100 has Revenues Revenues Understald. been earned 3) Ansa) The Unadjusted Trial balance of Sandhill Enposure Inc. had these balances for the following. Given, Supplies $ 4,100 Unearned service Revenue = $9,050 Prepaid Rent $ 2,200

Dati. Journal Adjusting Entries. Account Titles and Explanation Debit Credit Cost of Goods Manufacturedale. Dy$ 3,220 To Shipplies Alc $ 3,220 (to record.cost of Goods Manufactured) Unearned Revenue Alc Dr $3,900 To Revenue Alc $3,900 C (To record Unearned Revenue) 3. $ 600 Rent Expense Alc Dr. $ Goo To Prepaid Rent Alc. (To record Rent Expense) As per Explanation ? the Provided information all the materials consumido during the Period Expenses consumed Revenues Earned - - shall be adjusted to the relevant current Period 9 the 0 All Supplies are consumed and only $880 of Supplies are in hand, assuming when the supplies it was recorded as inventory the supplies Consumed during the were Yearly shall be charged as expense for this

entry will 0 Amount be E $4,100 for the $ 880 $ 3,220 cost of Goods Goods Manufactured Alc To supplies Alc Dr. $3,220 $3,220 © Out of Total Unearned Revenue recorded as liability the revenue which is earned shall be equal to amount of Services provided till date Adjusting Entry will be a Unearned Revenue Alc Dr. $3,900 To Revenue Alc $3,900 as Out of Total Prepaid rent the rent related to current period, which is consumed shall be treated Expense for the period. Adjusting Entry will be Rent Expense A/C .. $600 To Prepaid Rent Alc. $ 600, o O Dr.

3) Aus- The book eeper for Credit Ivanhoe Company asks a you to prepare the following accrual Adjusting Entries. at December 31 Jownal Adjusting Entries Date Account Titles And Explanation Debit 4 Decal Interest Expense Al Dr. $ 220 To Interest Payable Ale (To record accrued Interest on Notes Payable $_220 5 2. Dec.31 Accounts Receivables Alc Dr $1,980 Service Revenue Ale $ 1,980 (To record unbilled service revenue 3. Dec.31 salaries Expense All Dr. $ 750 To salaries Payable All (to record salaries earned but not recorded $ 750

Please give positive ratings........................... Your ratings will be helpful for me. If you have any query regarding this solution please comment below. I will be grateful to help you. Thank you!