Part B (6 marks) The following 4 separate and independent situations require adjusting entries: 1) Rent received in advance totaling $480 has been earned. 2) Prepaid insurance of $500 have been expired. 3) Wages of $900 are unpaid. 4) Services provided but not recorded total $500. Required: a) Please identify the type of adjustment (that is, prepaid expense, unearned revenue, accrued revenue, or accrued expense) for each situation. b) Determine whether the Assets or Liabilities on the balance sheet and the Net profit on the income statement before adjustment were "overstated" or "understated" for each situation. The first situation has been done as example