Questions: Woods Company includes the following balance sheet accounts. Identify accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the related account in the adjustment. Select "not required" for accounts which do not have any type of adjustment or related account. a. Accounts Receivable. Accrued Revenues b. Prepaid Insurance. Prepaid Expenses Insurance Expense c. Cash. Not Required Not Required d. Accumulated Depreciation-Equipment. Not Required Depreciation Expense e. Dividends. Not Required Not Required f. Interest Payable. Accrued Expenses Interest Expense g. Unearned Service Revenue. Unearned Revenues Service Revenue

Woods Company includes the following balance sheet accounts. Identify accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the related account in the adjustment. Select "not required" for accounts which do not have any type of adjustment or related account. a. Accounts Receivable. Accrued Revenues b. Prepaid Insurance. Prepaid Expenses Insurance Expense c. Cash. Not Required Not Required d. Accumulated Depreciation-Equipment. Not Required Depreciation Expense e. Dividends. Not Required Not Required f. Interest Payable. Accrued Expenses Interest Expense g. Unearned Service Revenue. Unearned Revenues Service Revenue
Transcript text: Woods Company includes the following balance sheet accounts. Identify accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the related account in the adjustment. Select "not required" for accounts which do not have any type of adjustment or related account. a. Accounts Receivable. Accrued Revenues b. Prepaid Insurance. Prepaid Expenses Insurance Expense c. Cash. Not Required Not Required d. Accumulated Depreciation-Equipment. Not Required Depreciation Expense e. Dividends. Not Required Not Required f. Interest Payable. Accrued Expenses Interest Expense g. Unearned Service Revenue. Unearned Revenues Service Revenue
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Solution

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The answer is as follows:

a. Accounts Receivable.

  • Type of Adjustment: Accrued Revenues
  • Related Account: Revenue

b. Prepaid Insurance.

  • Type of Adjustment: Prepaid Expenses
  • Related Account: Insurance Expense

c. Cash.

  • Type of Adjustment: Not Required
  • Related Account: Not Required

d. Accumulated Depreciation-Equipment.

  • Type of Adjustment: Not Required
  • Related Account: Depreciation Expense

e. Dividends.

  • Type of Adjustment: Not Required
  • Related Account: Not Required

f. Interest Payable.

  • Type of Adjustment: Accrued Expenses
  • Related Account: Interest Expense

g. Unearned Service Revenue.

  • Type of Adjustment: Unearned Revenues
  • Related Account: Service Revenue

Summary:

  • Accounts Receivable requires an adjustment for accrued revenues, related to revenue.
  • Prepaid Insurance requires an adjustment for prepaid expenses, related to insurance expense.
  • Cash does not require any adjustment.
  • Accumulated Depreciation-Equipment does not require an adjustment but is related to depreciation expense.
  • Dividends do not require any adjustment.
  • Interest Payable requires an adjustment for accrued expenses, related to interest expense.
  • Unearned Service Revenue requires an adjustment for unearned revenues, related to service revenue.
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