Question

From the following list of accounts (1) identify the assets or liabilities that may require an adjustment at the end of the accounting period, and (2) indicate whether it relates to a deferral or an accrual.
Cash .............. Common stock
Accounts receivable ........ Retained earnings
Prepaid insurance ......... Sales revenue
Prepaid rent ............ Interest revenue
Supplies ............. Equipment
Depreciation expense ......... Accumulated depreciation—equipment
Insurance expense .......... Unearned revenue
Supplies expense .......... Interest payable
Utilities expense ........... Salaries payable
Rent expense ............ Accounts payable
Interest receivable .......... Other operating expense



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  • CreatedSeptember 01, 2014
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