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Question(s) / Instruction(s):

Affleck Company accumulates the following adjustment data at December 31.

Instructions

For each of the items indicate the following.

1.            Services provided but not recorded total $750.

2.            Store supplies of $300 have been used.

3.            Utility expenses of $225 are unpaid.

4.            Unearned revenue of $260 has been earned.

5.            Salaries of $900 are unpaid.

6.            Prepaid insurance totaling $350 has expired

Required:

(a) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).

(b) The status of accounts before adjustment (overstatement or understatement).

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