Question
Gee Company accumulates the following adjustment data at December 31. Indicate the type of adjustment (prepaid expense, accrued revenue, and so on), and the status
Gee Company accumulates the following adjustment data at December 31. Indicate the type of adjustment (prepaid expense, accrued revenue, and so on), and the status of accounts before adjustment (overstated or understated).(Enter answers in alphabetical order.)
| 1. | Supplies of $150 are on hand. Supplies account shows $1,600 balance. | |
| 2. | Services performed but unbilled total $900. | |
| 3. | Interest of $200 has accumulated (and not been paid) on a note payable. | |
| 4. | Rent collected in advance totaling $850 has been earned. |
| Item | Type of Adjustment | Account Balances before Adjustment | ||
| 1. | select a type Accrued Revenues Prepaid Expenses Unearned Revenues Accrued Expenses | select an account status Revenues Understated Assets Understated Assets Overstated Revenues Overstated Liabilities Understated Liabilities Overstated | ||
| select an account status Expenses Understated Revenues Overstated Liabilities Overstated Revenues Understated Expenses Overstated Liabilities Understated | ||||
| 2. | select a type Accrued Expenses Prepaid Expenses Unearned Revenues Accrued Revenues | select an account status Liabilities Overstated Expenses Understated Assets Overstated Liabilities Understated Assets Understated Expenses Overstated | ||
| select an account status Liabilities Overstated Liabilities Understated Expenses Overstated Revenues Understated Revenues Overstated Expenses Understated | ||||
| 3. | select a type Prepaid Expenses Unearned Revenues Accrued Expenses Accrued Revenues | select an accountstatus Assets Overstated Revenues Overstated Expenses Understated Revenues Understated Expenses Overstated Assets Understated | ||
| select an account status Liabilities Overstated Assets Overstated Liabilities Understated Revenues Overstated Revenues Understated Assets Understated | ||||
| 4. | select a type Accrued Revenues Unearned Revenues Accrued Expenses Prepaid Expenses | select an account status Expenses Overstated Expenses Understated Liabilities Understated Assets Understated Assets Overstated Liabilities Overstated | ||
| select an account status Assets Understated Expenses Overstated Revenues Overstated Assets Overstated Revenues Understated Expenses Understated |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Statistics Unlocking The Power Of Data
Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock
1st Edition
0470601876, 978-0470601877
