Question: Subject: AC114 Module 2: Competency Assessment Part 7 (Differentiate cash basis and accrual basis accounting) The ledger of Althukair Company includes the following accounts. Explain

Subject: AC114 Module 2: Competency Assessment Part 7 (Differentiate cash basis and accrual basis accounting)

The ledger of Althukair Company includes the following accounts.

Explain why each account may require adjustment.

(a)Prepaid Insurance.

(b)Depreciation Expense.

(c)Unearned Service Revenue.

(d)Interest Payable.

Each explanation needs to be two or three sentences in length.

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