{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:21:51-04:00", "answer_date": "2024-06-29 01:21:51", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4437533", "url": "\/study-help\/questions\/zimbabwee-ltd-accumulates-the-following-adjustment-data-at-30-june-4437533", "question_creation_date_js": "2024-06-29T01:21:51-04:00", "question_creation_date": "Jun 29, 2024 01:21 AM", "meta_title": "[Solved] Zimbabwee Ltd accumulates the following a | SolutionInn", "meta_description": "Answer of - Zimbabwee Ltd accumulates the following adjustment data at 30 June. (a) Services provided but not yet invoiced total $ | SolutionInn", "meta_keywords": "zimbabwee,ltd,accumulates,adjustment,data,30,june,services,provided,yet,invoiced,total", "question_title_h1": "Zimbabwee Ltd accumulates the following adjustment data at 30 June. (a) Services provided but not yet invoiced total $600. (b) Store supplies of $300 are", "question_title": "Zimbabwee Ltd accumulates the following adjustment data at 30 June. (a) Services", "question_title_for_js_snippet": "Zimbabwee Ltd accumulates the following adjustment data at 30 June (a) Services provided but not yet invoiced total $600 (b) Store supplies of $300 are on hand Supplies account shows $2,300 balance (c) Electricity expenses of $225 are unpaid (d) Service for which payment of $260 was collected in advance has been performed (e) Salaries of $800 are unpaid (f) Benefits arising from prepaid insurance totalling $350 have expired Required 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) (The first one is done for you ) Item Type of adjustment Assets or liabilities overstated or understated Revenues or expenses overstated or understated (a) Accrued revenue Assets understated Revenues understated (b) Accrued expensePrepaid expenseUnearned revenueAccrued revenue Assets understatedLiabilities overstatedLiabilities understatedAssets overstated Revenues understatedExpenses understatedExpenses overstatedRevenues overstated (c) Accrued expensePrepaid expenseUnearned revenueAccrued revenue Liabilities understatedAssets overstatedLiabilities overstatedAssets understated Revenues understatedExpenses overstatedRevenues overstatedExpenses understated (d) Unearned revenueAccrued expenseAccrued revenuePrepaid expense Liabilities understatedLiabilities overstatedAssets overstatedAssets understated Revenues understatedRevenues overstatedExpenses understatedExpenses overstated (e) Prepaid expenseUnearned revenueAccrued revenueAccrued expense Liabilities overstatedAssets understatedAssets overstatedLiabilities understated Revenues overstatedExpenses overstatedExpenses understatedRevenues understated (f) Prepaid expenseAccrued revenueAccrued expenseUnearned revenue Liabilities overstatedAssets understatedLiabilities understatedAssets overstated Revenues understatedExpenses overstatedExpenses understatedRevenues overstated Warning Don't show me this message again for the assignment OkCancel", "question_description": "

Zimbabwee Ltd accumulates the following adjustment data at 30 June.<\/p>

<\/p>
(a)<\/td> Services provided but not yet invoiced total $600.<\/td> <\/tr>
(b)<\/td> Store supplies of $300 are on hand. Supplies account shows $2,300 balance.<\/td> <\/tr>
(c)<\/td> Electricity expenses of $225 are unpaid.<\/td> <\/tr>
(d)<\/td> Service for which payment of $260 was collected in advance has been performed.<\/td> <\/tr>
(e)<\/td> Salaries of $800 are unpaid.<\/td> <\/tr>
(f)<\/td> Benefits arising from prepaid insurance totalling $350 have expired.<\/td> <\/tr> <\/tbody><\/table>

<\/p>

Required 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).<\/p>

<\/p>

(The first one is done for you.)<\/p>

<\/p>
Item <\/u><\/td> Type of adjustment <\/u><\/td> Assets or liabilities\/overstated or understated <\/u><\/td> Revenues or expenses\/overstated or understated <\/u><\/td> <\/tr>
(a) <\/td> Accrued revenue <\/td> Assets understated <\/td> Revenues understated <\/td> <\/tr>
(b) <\/td> Accrued expensePrepaid expenseUnearned revenueAccrued revenue<\/td> Assets understatedLiabilities overstatedLiabilities understatedAssets overstated<\/td> Revenues understatedExpenses understatedExpenses overstatedRevenues overstated<\/td> <\/tr>
(c) <\/td> Accrued expensePrepaid expenseUnearned revenueAccrued revenue<\/td> Liabilities understatedAssets overstatedLiabilities overstatedAssets understated<\/td> Revenues understatedExpenses overstatedRevenues overstatedExpenses understated<\/td> <\/tr>
(d) <\/td> Unearned revenueAccrued expenseAccrued revenuePrepaid expense<\/td> Liabilities understatedLiabilities overstatedAssets overstatedAssets understated<\/td> Revenues understatedRevenues overstatedExpenses understatedExpenses overstated<\/td> <\/tr>
(e) <\/td> Prepaid expenseUnearned revenueAccrued revenueAccrued expense<\/td> Liabilities overstatedAssets understatedAssets overstatedLiabilities understated<\/td> Revenues overstatedExpenses overstatedExpenses understatedRevenues understated<\/td> <\/tr>
(f) <\/td> Prepaid expenseAccrued revenueAccrued expenseUnearned revenue<\/td> Liabilities overstatedAssets understatedLiabilities understatedAssets overstated<\/td> Revenues understatedExpenses overstatedExpenses understatedRevenues overstated<\/td> <\/tr> <\/tbody><\/table>

<\/p>Warning

Don't show me this message again for the assignment<\/p> <\/td><\/tr><\/tbody><\/table>OkCancel

<\/p>

<\/p><\/td><\/tr><\/tbody><\/table>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "470964731, 978-0470964736, 978-0470161012", "edition": "9th Canadian Edition, Volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/516.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-canadian-edition-volume-2-516", "see_more_uri": "" }, "free_related_book": { "isbn": "1847874835", "uri": "\/textbooks\/introductory-statistics-for-health-and-nursing-using-spss-1st-edition-9781847874832", "name": "Introductory Statistics For Health And Nursing Using SPSS", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:21:51", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/for-what-purposes-did-the-aicpa-in-1959-create-the", "description": "For what purposes did the AICPA in 1959 create the Accounting Principles Board?", "stars": 3 }, { "url": "\/study-help\/psychology\/3-encourage-them-to-visualize-the-problem-by-diagramming-or-1984476", "description": "3. Encourage them to visualize the problem by diagramming or drawing it.", "stars": 3 }, { "url": "\/roselle-appliance-uses-a-perpetual-inventory-system-for-its-fl", "description": "Roselle Appliance uses a perpetual inventory system. For its fl at-screen television sets, the January 1 inventory was 3 sets at $600 each. On January 10, Roselle purchased 6 units at $648 each. The...", "stars": 3 }, { "url": "\/study-help\/questions\/the-largest-asset-category-of-mutual-funds-as-of-2-9851224", "description": "The largest asset category of mutual funds as of 2 0 1 5 was", "stars": 3 }, { "url": "\/study-help\/questions\/allegiant-air-2023-financial-overview-financial-metric-amount-total-revenue-1880777", "description": "Allegiant Air 2023 Financial Overview: Financial Metric Amount Total Revenue $90 million Cost of Services $55 million Operating Expenses $20 million Interest Expense $3 million Tax Expense $5 million...", "stars": 3 }, { "url": "\/study-help\/questions\/using-a-sample-space-s-1-2-3-4-5184107", "description": "Using a sample space S = {1, 2, 3, 4} with Pr(i) = 1\/4 and A = {1, 2} find examples of events B,C and D where Pr(A | B) Pr(A). Let E = {1, 2, 3}, F = {2,...", "stars": 3 }, { "url": "\/study-help\/questions\/question-2-bramble-ltd-is-authorized-to-issue-10000-6-5559498", "description": "Question 2 Bramble Ltd. is authorized to issue 10,000, $6 noncumulative preferred shares. On January 13, it issued 2,700 preferred shares for $85 cash per share. Prepare the journal entry to record...", "stars": 3 }, { "url": "\/study-help\/questions\/mackenzie-corp-is-preparing-the-december-31-2023-yearend-financial-857566", "description": "Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,650 Income tax expense Mortgage...", "stars": 3 }, { "url": "\/study-help\/questions\/a-driver-in-a-moving-car-applies-the-brakes-the-982245", "description": "A driver in a moving car applies the brakes. The car slows to a final speed of 2.95 m\/s over a distance of 40.0 m and a time interval of 7.70 s. The acceleration while braking is approximately...", "stars": 3 }, { "url": "\/study-help\/questions\/2-40-pts-the-howard-county-hospital-is-assessing-its-997890", "description": "2. (40 pts) The Howard County Hospital is assessing its Emergency Department (ED) capacity so it knows how to expand as the county population grows. The hospital has the following information about...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/healthwatch-company-produces-organic-fig-jams-the-fig-jam-is-4437532", "next": "\/study-help\/questions\/how-does-the-topic-suggest-addressing-the-challenges-associated-with-4437534" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Zimbabwee Ltd accumulates the following adjustment data at 30 June. (a) Services", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/zimbabwee-ltd-accumulates-the-following-adjustment-data-at-30-june-4437533" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }d": "1" } }