Determining Finandal Statement Effects of Seven Typical Adjusting Entries
Refer to E4-7.
Required:
For each of the transactions in E4-7, indicate the amount and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase, – for decrease, and NE for no effect.
BALANCE SHEET | INCOME STATEMENT | |||||
Transaction | Assets | Liabilities | Stockholders’ Equity | Revenues | Expenses | Net Income |
a. | ||||||
b. | ||||||
c. | ||||||
(etc.) |
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