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The following accounts were taken from the unadjusted trial balance of Orion Co., a con-gressional 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 is shown below.
Account
Answer
Accounts Receivable
Normally requires adjustment (AR).
Cash
Interest Expense
Interest Receivable
Johann Atkins, Capital
Land
Office Equipment
Prepaid Rent
Supplies
Unearned Fees
Wages Expense
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