The trial balance of LaGrace Company includes the following balance sheet accounts. Identify the accounts that might

Question:

The trial balance of LaGrace Company includes the following accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate
(1) The type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and
(2) The related account in the adjusting entry.
(a) Accounts Receivable..
(b) Prepaid Insurance.
(c) Equipment.
(d) Accumulated Depreciation—Equipment.
(e) Notes Payable
(f ) Interest Payable.
(g) Unearned Service Revenue

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...