Indicate (a) the adjusting entry, and (b) the status of the accounts before adjustment (overstated or understated) for each of the following:
1. Supplies of $400 have been used.
2. Salaries of $300 are unpaid.
3. Depreciation for the period is $700.

Question

Quizplus · Accepted Answer

The Answer of Indicate (a) the adjusting entry, and (b) the status of the accounts before adjustment (overstated or understated) for each of the following:
1. Supplies of $400 have been used.
2. Salaries of $300 are unpaid.
3. Depreciation for the period is $700.

Indicate (A) the Adjusting Entry, and (B) the Status of the Accounts