.For each item indicate the type of adjustment (prepaid expense, revenue receivedin advance, accrued revenue or accrued expense) and the accounts beforeadjustment (overstatement or understatement) 2.Calculate the effect on profit if the adjustments aren’t recorded Zimbabwe Ltd accumulates the following adjustment data at 30 June. a)Services provided but not yet invoiced $600 b)Store supplies of $300 are on hand. Supplies account shows $2300 balance c)Electricity expenses of $225 are unpaid and unrecorded d)Service for which payment of $260 was collected in advance has been performed e)Salaries of $800 are unpaid and unrecorded f)Benefits arising from prepaid insurance totalling $350 have expired

Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. A Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 41,000 130, 400 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Credit $ 25,000 104,550 225,600 8,000 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 $ 355, 150 $…

19. A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Cash Accounts Receivable Prepaid insurance Supplies Unadjusted Trial Balance Debit 1,975 1,000 1,600 330 Credit Adjustments Debit Credit 875 650 115

Jay