An adjusting entry could be made for all the following except
A) Prepaid expenses
B) Depreciation expense
C) Owner withdrawals
D) Unearned revenues
E) Accrued revenues

Question

Quizplus · Accepted Answer

Adjusting entries are made for transactions that have been recorded but have not yet been recognized or recorded properly in the accounting system. Owner withdrawals are not a type of transaction that requires an adjusting entry as they are typically recorded as a decrease to the owner's equity account as they happen. Prepaid expenses, depreciation expense, unearned revenues, and accrued revenues are all types of transactions that require adjusting entries to properly record and recognize them in the accounting system.

An Adjusting Entry Could Be Made for All the Following