Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615



Accounting (Text Only)

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

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.


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...

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