Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). Please indicate the type of account being impacted and dollar amount increased (+) or decreased (-). Transaction Impact 1 Impact 2 A. Prepaid Insurance adjusted from $5,000 to $3,600 B. Interest Payable adjusted from $5,300 to $6,800 C. Unearned revenue adjusted from $18,500 to $6,300 D. Supplies account balance $500, actual count $220
Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). Please indicate the type of account being impacted and dollar amount increased (+) or decreased (-). Transaction Impact 1 Impact 2 A. Prepaid Insurance adjusted from $5,000 to $3,600 B. Interest Payable adjusted from $5,300 to $6,800 C. Unearned revenue adjusted from $18,500 to $6,300 D. Supplies account balance $500, actual count $220
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 4PA: Identify which type of adjustment is associated with this account, and what is the other account in...
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Indicate what impact the following adjustments have on the
Transaction |
Impact 1 |
Impact 2 |
A. Prepaid Insurance adjusted from $5,000 to $3,600 |
|
|
B. Interest Payable adjusted from $5,300 to $6,800 |
|
|
C. Unearned revenue adjusted from $18,500 to $6,300 |
|
|
D. Supplies account balance $500, actual count $220 |
|
|
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