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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

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Exercise 3-6Item(a)Type of Adjustment(b)Accounts before Adjustment 1.Accrued RevenuesAssets UnderstatedRevenues Understated2.Prepaid ExpensesAssets OverstatedExpenses Understated3.Accrued ExpensesExpenses UnderstatedLiabilities Understated4.Unearned RevenuesLiabilities OverstatedRevenues Understated5.Accrued ExpensesExpenses UnderstatedLiabilities Understated6.Prepaid ExpensesAssets OverstatedExpenses UnderstatedExercise 3-7 Mar. 31 Depreciation Expense ($300 X 3) 900Accumulated DepreciationEquipment 900 31 Unearned Rent Revenue3,300Rent Revenue ($9,900 X 1/3)3,30031Interest Expense 500Interest Payable 50031Supplies Expense2,150Supplies ($2,800 $650)2,15031Insurance Expense ($200 X 3) 600Prepaid Insurance 600Exercise 3-11(a)Supplies expense$ 950Add: Supplies (1/31) 850Less: Supplies purchase (670) Supplies (1/1)$ 1,130Therefore supplies balance = $1,130b.Total premium = Monthly premium X 12 $400 X 12 = $4,800Purchase date is:On Jan. 31, from Aug. 1, 2013 there are 6 months coverage remaining ($400 X 6). Thus, the purchase date was 6 months earlier on Aug. 1, 2013c.

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