Question
Asked Dec 4, 2019
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The following accounts were taken from the unadjusted trial balance of Legislative Results
Inc., 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:
AR—Accrued Revenue
AE—Accrued Expense
UR—Unearned Revenue
PE—Prepaid Expense

To illustrate, the answer for the first account follows:
Account
Answer
Accounts Receivable
Normally requires adjustment (AR).
Cash
Harriet Kasun, Capital
Interest Expense
Interest Receivable
Land
Office Equipment
Prepaid Rent
Supplies
Unearned Fees
Wages Expense
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To illustrate, the answer for the first account follows: Account Answer Accounts Receivable Normally requires adjustment (AR). Cash Harriet Kasun, Capital Interest Expense Interest Receivable Land Office Equipment Prepaid Rent Supplies Unearned Fees Wages Expense

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Step 1

Adjusting entries: Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recogniti...

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