Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

EX 3 - 2 Classifying adjusting entries Obj. 1 , 2 , 3 The following accounts were taken from the unadjusted trial balance of Murray

EX 3-2 Classifying adjusting entries
Obj. 1,2,3
The following accounts were taken from the unadjusted trial balance of Murray Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, use the following notation to indicate the type of adjustment:
AE-Accrued Expense
AR-Accrued Revenue
PE-Prepaid Expense
UR-Unearned Revenue
To illustrate, the answer for the first account follows:
\table[[Account,Answer],[Accounts Receivable,Normally requires adjustment (AR).],[Building,],[Cash,],[Common Stock,],[Interest Receivable,],[Land,],[Prepaid Rent,],[Salaries Payable,],[Supplies,],[Unearned Fees,],[Wages Expense,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dare To Be Different An Auditors Personal Guide To Excellence

Authors: Daniel Clark

1st Edition

1490772405, 978-1490772400

More Books

Students also viewed these Accounting questions