Accounts Requiring AdjustmentIndicate with a Yes or No whether or .pdf
0 likes11 views
The document provides guidelines on adjusting entries for various accounts, indicating whether each account typically requires adjustment. It classifies specific accounts into categories such as current assets and property, plant, and equipment. The adjustments for each account are specified, along with their classifications.
1 of 1
Download to read offline
More Related Content
More from akashitproduct (9)
Ad
Recently uploaded (20)
Ad
Accounts Requiring AdjustmentIndicate with a Yes or No whether or .pdf
- 1. Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Classifying Assets Identify each of the following as a current asset or property, plant, and equipment:a. Building YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe. Common Stock YES/NOf. Prepaid Insurance YES/NO Solution Accounts Requiring Adjustment a) Building : Yes b) Cash : No c) Interest Expense : Yes d) Miscellaneous Expense : No e) Common Stock : Yes f) Prepaid Insurance : Yes Classifying Assets 1. Accounts Receivable : Current Asset 2. Building : Property Plant and Equipment 3. Cash : Current Asset 4. Equipment : Property Plant and Equipment 5. Prepaid Insurance : Current Asset 6. Supplies ; Current Asset