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Identifying the impact of adjusting entries on the financial statements Ausley Acoustics recorded the following transactions during October 2014. a. Received $1,500 cash from customer for three months of service beginning October 1, 2014, and ending December 31, 2014. The company recorded a $1,500 debit to Cash and a $1,500 credit to Unearned Revenue. b. Employees are paid $1,000 on Monday following the five-day work week. October 31, 2014, is on Friday. c. The company pays $240 on October 1 for their six-month auto insurance policy. The company recorded a $240 debit to Prepaid Insurance and a $240 credit to Cash. d. The company purchased office furniture for $6,300 on January 2, 2014. The company recorded a $6,300 debit to Office Furniture and a $6,300 credit to Accounts Payable. Annual depreciation for the furniture is $900. e. The company began October with $50 of office supplies on hand. On October 10, the company purchased office supplies on account of $100. The company recorded a $100 debit to Office Supplies and a $100 credit to Accounts Payable. The company used $120 of office supplies during October. f. The company received its electric bill on October 30 for $125 but did not pay it until November 10. g. The company paid November’s rent of $800 on October 30. On October 30, the company recorded an $800 debit to Rent Expense and an $800 credit to Cash. Indicate if an adjusting entry is needed for each item on October 31 for the month of October. Assuming the adjusting entry is not made, indicate which specific category or categories of accounts on the financial statements are misstated and if they are overstated or understated. Use the following table as a guide. Item a is completed as an example:
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