What do you think Does this look good?

Question

Exercise #2

The adjusted trial balance of the Nance Company includes the following balance sheet accounts that frequently require adjustment. For each account, indicate (a) the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, or) and (b) the related account in the adjusting entry.

Balance Sheet Account

1. Supplies

Accrued expense. Supplies Expense

2. Accounts Receivable

Unearned revenues. liability account

3. Prepaid Insurance

Prepaid expenses. Insurance Exspense

4. Accumulated Depreciation—

Unearned revenues, Depreciation Expense

Equipment

5. Interest Payable

Accrued expenses, liability account

6. Salaries Payable

Liability account, unearned revenues

7. Unearned Revenue

Unearned revenues, Liability account

Answer 1

It's kind of dry reading, but except for the " or) and" toward the end of the first paragraph it's in pretty good shape.

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