In preparing adjustments on the work sheet,which of the following accounts most likely would be added to the Account Name column?
A) Telephone Expense
B) Retained Earnings
C) Income Taxes Payable
D) Accumulated Depreciation-Equipment

Question

Quizplus · Accepted Answer

Income Taxes Payable is a liability account that represents the amount of income tax owed but not yet paid. It is likely that adjustments will need to be made to this account to reflect the current balance and any additional tax liabilities. Telephone Expense, Retained Earnings, and Accumulated Depreciation-Equipment are all accounts that may need adjustments, but they would not be added to the Account Name column as they are already listed accounts.

In Preparing Adjustments on the Work Sheet,which of the Following