accounting1.docx - DEC 31(a Supplies of $400 are on hand...

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DEC 31 (a) Supplies of $400 are on hand. Supplies account shows $1,600 balance a. Prepaid expenses, assests overstated, expenses understated (b) Services performed but unbilled total $700 a. Accrued revenues, assets understated, expense understated (c) Interest of $300 have accumulated on note payable a. Accrued expenses, liabilities understated, (d) Rent collected in advance totaling $1,100  a. Accrued revenue, assets understated, revenues understated Exercise 8 Wang Company accumulates the following adjustment data at DEC 31 (a) Services performed but unbilled total a. Accrued revenues- assets understated, revenues understated (b) Store supplies of $160 are on hand. The supplies account shows a $1,900 balance a. Prepaid Expenses- assets overstated, expenses understated (c) Utility expenses of $275 are unpaid a. Accrued expenses- expenses understated, liabilities understated (d) Services performed of $490 collected in advance a.
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