Classifying adjusting entriesThe following accounts were taken from the unadjusted trial balance of Murray Co., 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 notationto indicate the type of adjustment:AE—Accrued ExpenseAR—Accrued RevenuePE—Prepaid ExpenseUR—Unearned Revenue To illustrate, the answer for the first account follows: Account Answer Accounts Receivable Normally requires adjustment (AR). Building   Cash   Common Stock   Interest Receivabl   Land   Prepaid Rent   Salaries Payable   Supplies   Unearned Fees   Wages Expense

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Classifying adjusting entries
The following accounts were taken from the unadjusted trial balance of Murray Co., 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:
AE—Accrued Expense
AR—Accrued Revenue
PE—Prepaid Expense
UR—Unearned Revenue

To illustrate, the answer for the first account follows:

Account Answer
Accounts Receivable Normally requires adjustment (AR).
Building  
Cash  
Common Stock  
Interest Receivabl  
Land  
Prepaid Rent  
Salaries Payable  
Supplies  
Unearned Fees  
Wages Expense  
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