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

Question

Quizplus · Accepted Answer

Owner withdrawals are not an expense or revenue account, but rather a reduction of the owner's equity. Adjusting entries are made for accounts that affect the income statement or balance sheet, but owner withdrawals only affect the owner's equity section of the balance sheet.

An Adjusting Entry Could Be Made for Each of the Following