Wang Company accumulates the following adjustment data at December 31. For each item, indicate the:
1. Type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense)
2. The status of the accounts before adjustment (overstated or understated).
a. Services performed but unbilled totals $600.
b. Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.
c. Utility expenses of $275 are unpaid.
d. Service performed of $490 collected in advance.
e. Salaries of $620 are unpaid.
f. Prepaid insurance totaling $400 has expired.
Answers: 1
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