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Question: Wang Company accumulates the following adjustment data at December 31.

(a) Services performed but unbilled total $600.

(b) Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.

(d) Services performed of $490 collected in advance.

(e) Salaries of $620 are unpaid.

(f) Prepaid insurance totaling $400 has expired.

Instructions: For each item, indicate

(1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and

(2) the status of the accounts before adjustment (overstated or understated).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92652279

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