Question: 4. Why are adjusting entries needed? __________________________________________________________________________________________________________________________________________________________________________________________________________. 5. Adjusting entries are classified as either or . 6. Prepaid expenses and unearned revenue are classified

4. Why are adjusting entries needed? ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________.

5. Adjusting entries are classified as either ____________________________ or __________________________________________.

6. Prepaid expenses and unearned revenue are classified as what type of adjusting entry? ___________________________________________

7. Accrued expenses and accrued revenues are classified as what type of adjusting entry? ___________________________________________

8. The difference between the cost of a fixed asset and accumulated depreciation is called the ____________________________________.

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