BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
82 views

Accounts requiring adjustment

Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry:

  1. a. Accumulated Depreciation
  2. b. Frank Kent, Drawing
  3. c. Land
  4. d. Salaries Payable
  5. e. Supplies
  6. f. Unearned Rent

To determine

Adjusting entries:  Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

To indicate: If the adjusting entries are required or not for the given accounts.

Explanation

The reason for passing of and not passing of Journal Entries are discussed below.

  • Accumulated Depreciation: Accumulated Depreciation is a contra asset account; hence needs to be adjusted..
  • Frank Kent, Drawing: Drawings is a part of the stockholder’s equity and does not require adjusting entries.
  • Land: Land is an asset which is recorded at the original cost on the basis of Historical cost concept; hence does not require adjusting entries...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Should an economic model describe reality exactly?

Principles of Economics (MindTap Course List)

What are the four kinds of resources?

Foundations of Business (MindTap Course List)

Describe marketing uses of branding

MKTG 12:STUDENT ED.-TEXT

What is the purpose of providing a ledger account for each account?

College Accounting (Book Only): A Career Approach

COST OF EQUITY WITH AND WITHOUT FLOTATION Javits Sons common stock currently trades at 30.00 a share. It is ex...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)