Business, 27.08.2021 23:00 litzyguzman13

Wang Company accumulates the following adjustment data at December 31. 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). Type of Accounts Before
Adjustments Adjustments
(a) Services performed but unbilled totals $600. Accrued Assets
Revenues Understated
Revenue Understated
(b) Store supplies of $160 are on hand, The supplies
account shows a $1,900 balance. Prepaid Expenses Assets Overstated
Liabilities Understated
(c) Utility expenses of $275 are unpaid. Accrued Expenses Revenues
Overstated
Liabilities Understated
(d) Service performed of $490 collected
in advance. Unearned Assets
Revenues Overstated
Liabilities
Understated
(e) Salaries of $60 are unpaid. Accrued Expenses Revenues
Overstated
Liabilities
Understated
(f) Prepaid insurance totaling $400 has expired. Prepaid Assets
Expenses Overstated
Liabilities
Understated

Answers: 1

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Wang Company accumulates the following adjustment data at December 31. For each item, indicate (1) t...

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