Ask Question
BusinessBusiness
15 November, 02:46

Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued revenue, and so on. 2) The status of the accounts before adjustment (overstated or understated).

+3
Answers (1)
  1. 15 November, 05:56
    0
    Answer:Incomplete question.

    Problems are:

    A. Supplies of $400 are on hand. Supplies account shows $1,600 balance.

    B. Services performed but unbilled total $700

    C. Interest of $300 has accumulated on a note payable.

    D. Rent collected in advance totaling $1,100 has been earned.

    Explanation:

    A. Prepaid expenses. Asset Overstated

    B. Accrued Revenue. Expenses understated, Asset Understated

    C. Accrued Expenses. Revenue understated, liability understated, Expenses Understated

    D. Unearned revenue. Liabilities overstated, Revenue understated
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What type of economic system are you a part of? Write your answer in a short paragraph
Answers (1)
The use of accelerated versus straight-line depreciation causes net income reported to stockholders to be lower, and cash flows higher, during every year of a project's life, other things held constant. True or false?
Answers (1)
In 500 words, describe a major financial decision you've made. Describe the decision-making process you went through when making this financial choice. Describe the opportunity costs you incurred.
Answers (2)
A production possibilities frontier (PPF) is A. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. B.
Answers (1)
A consumer lives on a diet of solely steak and potatoes. Her budget is $30 for every 10 days and she must buy enough potatoes to eat at least 2 potatoes per day. If a potato costs $0.50 and the price of a steak is $10.
Answers (1)
New Questions in Business
Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers. a. Variable b. Direct
Answers (1)
Work telephone numbers for your coworkers would most likely be found using a. directory assistance b. a company directory c. a yellow pages directory d. none of the above
Answers (1)
During January, time tickets show that the factory labor of $7,000 was used as follows: Job 1 $2,300, Job 2 $1,780, Job 3 $1,570, and general factory use $1,350. Prepare a summary journal entry to record factory labor used.
Answers (1)
One widespread trend under way in business today that will affect the goals of the organization you work for is: Select one: a. social intelligence b. new media adaptations c. an increased focus on ethical and socially responsible behavior d.
Answers (1)
A high-profile consulting company chooses its new entry-level employees from a pool of recent college graduates using a five-step interview process.
Answers (1)
Home » Business » Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued revenue, and so on. 2) The status of the accounts before adjustment (overstated or understated).
Sign Up Forgot Password?