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Accounts Requiring Adjustment
Indicate with a Yes or No whether or not each of the following accounts normally requires an
adjusting entry:
Classifying Assets
Identify each of the following as a current asset or property, plant, and equipment:a. Building
YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe.
Common Stock YES/NOf. Prepaid Insurance YES/NO
Solution
Accounts Requiring Adjustment
a) Building : Yes
b) Cash : No
c) Interest Expense : Yes
d) Miscellaneous Expense : No
e) Common Stock : Yes
f) Prepaid Insurance : Yes
Classifying Assets
1. Accounts Receivable : Current Asset
2. Building : Property Plant and Equipment
3. Cash : Current Asset
4. Equipment : Property Plant and Equipment
5. Prepaid Insurance : Current Asset
6. Supplies ; Current Asset

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Accounts Requiring AdjustmentIndicate with a Yes or No whether or .pdf

  • 1. Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Classifying Assets Identify each of the following as a current asset or property, plant, and equipment:a. Building YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe. Common Stock YES/NOf. Prepaid Insurance YES/NO Solution Accounts Requiring Adjustment a) Building : Yes b) Cash : No c) Interest Expense : Yes d) Miscellaneous Expense : No e) Common Stock : Yes f) Prepaid Insurance : Yes Classifying Assets 1. Accounts Receivable : Current Asset 2. Building : Property Plant and Equipment 3. Cash : Current Asset 4. Equipment : Property Plant and Equipment 5. Prepaid Insurance : Current Asset 6. Supplies ; Current Asset