Which of the following accounts would likely not need to be adjusted at year end?
A)Equipment
B)Prepaid Insurance
C)Supplies
D)Owner's Withdrawals

Question

Quizplus · Accepted Answer

Owner's Withdrawals is a temporary account that represents withdrawals by the owner for personal use and is not related to the company's income or expenses, so it does not need to be adjusted at year end. The other accounts mentioned (Equipment, Prepaid Insurance, and Supplies) are all assets that may need to be adjusted for depreciation or usage over time.

Which of the Following Accounts Would Likely Not Need to Be