Explain the difference between accrual basis accounting and cash basis accounting.

Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require

an adjusting entry.

Cash

Prepaid Expenses

Depreciation Expense

Accounts Payable

Accumulated Depreciation

Equipment

Classify the following items as: $(1)$ prepaid expense, $(2)$ unearned revenue, $(3)$ accrued expense, or $(4)$ accrued

revenue.

a$)$ fees received but not yet earned

b$)$ fees earned but not yet received

c$)$ paid premium on a one$-$year insurance policy

d$)$ property tax owed to be paid beginning of next year