Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Used office supplies of $2,910. The Office Supplies unadjusted balance on December 31 is $11,700. Adjustment Type: Deferrals/Prepaids incorrect Supplies Expense Dec. 31 incorrect incorrect correct correct correct correct correct correct incorrect incorrect correct correct Office Supplies incorrect incorrect incorrect incorrect correct correct correct correct incorrect incorrect correct correct Employees earned $1,200 in salaries that will be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,400. Adjustment Type: incorrect

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.