ACC557 Week 2 Chapter 3 E3 6 E3 7 E3 11 P3 2A Scored

Exercise 3-6

 

 

Item

 

(a)

Type of Adjustment

 

(b)

Accounts before Adjustment         

 

 

 

 

 

1.

 

Accrued Revenues

 

Assets Understated

Revenues Understated

 

 

 

 

 

2.

 

Prepaid Expenses

 

Assets Overstated

Expenses Understated

 

 

 

 

 

3.

 

Accrued Expenses

 

Expenses Understated

Liabilities Understated

 

 

 

 

 

4.

 

Unearned Revenues

 

Liabilities Overstated

Revenues Understated

 

 

 

 

 

5.

 

Accrued Expenses

 

Expenses Understated

Liabilities Understated

 

 

 

 

 

6.

 

Prepaid Expenses

 

Assets Overstated

Expenses Understated

 

Exercise 3-7

           Mar. 31                 Depreciation Expense ($300 X 3)                                           900

                                           Accumulated Depreciation

                                             Equipment...............................................................                                900

 

                      31                 Unearned Rent Revenue.............................................           3,300

                                           Rent Revenue ($9,900 X 1/3).....................................                              3,300

 

                      31       Interest Expense....................................................................             500

                                           Interest Payable...........................................................                                500

 

                      31       Supplies Expense..................................................................           2,150

                                           Supplies ($2,800 – $650)............................................                              2,150

 

                        31        Insurance Ex

ACC557 Week 2 Chapter 3 (E3-6 E3-7 E3-11 P3-2A) Scored

Exercise 3-6 Item (a) Type of Adjustment (b) Accounts before Adjustment 1. Accrued Revenues Assets Understated Revenues Understated 2. Prepaid Expenses Assets Overstated Expenses Understated 3. Acc...

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