Question 3 The trial balance of Bair Company includes the following balance shee

Question

Question 3 The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and (b) the related account in the adjusting entry. (a) (b) Account Type of Adjustments Related Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue

Explanation / Answer

accounts receivable None required prepaid insurance Prepaid Expenses--Insurance Expense accumulated depreciation-equipment Accrued Expenses--Depreciation Expense interest payable Accrued Expenses--Interest Expense unearned service revenue Unearned Revenue--Service Revenue

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