Question

Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair.

Answer 1

Balance Sheet and income statement account include supplies, amount payable for interest and salaries.

What is a Balance Sheet?

Balance Sheet are financial statement that shows a company's assets and liabilities.

The pair of balance sheet and income Statement account that can require adjustment include,

• Supplies of goods and services
• Unearned Revenue
• Salaries and Wages Payable
• Interest Payable
• Income Tax Payable Balance

This adjustment is dependent on the amount of increase or decrease that is made on the account.

Therefore, Balance Sheet and income statement account include supplies, amount payable for interest and salaries.

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