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The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might requi adjustment. For each account that requires adjustment,
The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might requi adjustment. For each account that requires adjustment, indicate (1) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) and (2) the related account in the adjusting entry. (If no entry is required, select "No Entry" for the account titles.) Account (1) Type of Adjustment (2) Related Account Accounts Receivable. Accrued Revenues Service Revenue b. Prepaid Insurance. Prepaid Expenses Insurance Expense Cash. Not Required No Entry Accumulated Depreciation- d. Equipment. Dividends. Prepaid Expenses Accrued Revenues Depreciation Expense Cash. Not Required No Entry Accumulated Depreciation- d. Prepaid Expenses Depreciation Expense Equipment. e Dividends. Accrued Revenues re Interest Payable. Accrued Expenses Interest Expense B Unearned Service Revenue. Unearned Revenues Service Revenue
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