Asset prepayments become revenues when they expire. select A contra asset account is subtracted from a related account in the balance sheet. select The cost of a depreciable asset less accumulated depreciation reflects the book value of the asset. select Salaries and wages require an adjusting entry to increase revenues at the end of the period. select SUBMIT Learning Objectives Prepare and post adjusting entries. Supplies Insurance Depreciation Salaries and Wages Summary of basic relationships