Question

Please help with the following, i tried to answer them but i am lost:

5) Interest of $912 has accrued on a note payable. What is the necessary adjusting entry to record this interest? 912 Notes pavable Cash 912 f this adjustment is not made, the following are overstated, understated, or not impactec: overstated Assets: Liabilities: Stockholders' Equity: Revenue: Expense: overstated 6) Schuring Inc. has $1300 of supplies on hand, but their Supplies account shows a balance of $4,700. What is the necessary adiusting entry? Supplies 1300 Account Pavable 5300 aren't they suppose to equal to each other If this adiustment is not made, the following are overstated. understated, or not impacted: Assets:overstated Revenue: Expense: Liabilities: overstated Stockholders' Equity: 7) The depreciation on Flare Co.'s office equipment is $1870 per month. Wat is the necessary adjusting entry to record monthly depreciation? f this adjustment is not made, the following are overstated understated, or not impacted: Assets: Liabilities: Stockholders' Equity: Revenue: Expense:

Answer 1

					Debit	Credit
5)	Interest expense				912
	interest payable					912
	Assets:		no effect		Revenue	overstated
	Liabilities:		understated		Expense	understated
	Stockholders Equity:		overstated
6)
					Debit	Credit
	Supplies expense				3400
	Supplies.					3400
	Assets:		overstated		Revenue	overstated
	Liabilities:		no affect		Expense	understated
	Stockholders Equity:		overstated
7)
					Debit	Credit
	Depreciation expense				1870
	Accumulated depreciation					1870
	Assets:		overstated		Revenue	overstated
	Liabilities:		no affect		Expense	understated
	Stockholders Equity:		overstated