22. Accumulated Depreciation and Depreciation Expense are classified, respectively, as a. expense, contra asset b. asset, contra liability c. revenue, asset d. contra asset, expense 23. The type of account and normal balance of Prepaid Insurance is a. asset, credit b. asset, debit c. contra asset, credit d. contra asset, debit 24. Which account would normally not require an adjusting entry? a. Wages Expense b. Accounts Receivable c. Accumulated Depreciation d. Cash 25. The balance in the prepaid rent account before adjustment the end of the year is $32,000, which represents four months rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,00 c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,00 d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000 26. Adjusting entries alvays incluode only income statement accounts b. only balance sheet accounts