indicate with a yes kr no whether or not each of the following accounts mormally requires an adjusting entry

Types of Accounts Requiring Adjustment The following basic types of accounts require adjusting entries: - Prepaid expenses - Accrued revenues - Unearned revenues - Accrued expenses Prepaid Expenses Prepaid expenses are the advance payment of future expenses and are recorded as assets when cash is paid. Prepaid expenses become expenses over time or during normal operations. To illustrate, the following transaction of NetSolutions from Chapter 2 is used: Dec. 1 NetSolutions paid $2,400 as a premium on a one-year insurance policy. On December 1, the cash payment of $2,400 was recorded as a debit to Prepaid Insurance and credit to Cash for $2,400. At the end of December, only $200($2,40012 months)