Determine which of the following transactions may require adjustments.
a. Equipment was purchased in the middle of the year.
b. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month.
c. Six months of rent were paid in advance.
d. A one-month premium on an insurance policy was paid
e. Supplies were purchased at the beginning of the year, but not all were used.
f. A 24-month insurance policy was prepaid
g. Rent was paid for the month.
h. An employee was paid his weekly wages in full at the end of the week.
Answer: a. Equipment was purchased in the middle of the year.
b. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month
c. Six months of rent were paid in advance.
e. Supplies were purchased at the beginning of the year, but not all were used.
f. A 24-month insurance policy was prepaid.
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