For each of the following items, indicate (a) The type of adjusting entry required (prepaid expense, unearned

Question:

For each of the following items, indicate
(a) The type of adjusting entry required (prepaid expense, unearned revenue, accrued revenue, or accrued expense), and
(b) The name of the other account included in the adjusting entry and whether that account is over- or understated prior to the adjustment.
1. is understated.
2. Unearned Revenue is overstated.
3. Interest Payable is understated.
4. Supplies Expense is understated.
5. Prepaid Insurance is overstated.
6. Interest Revenue is understated.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...