Determining Financial StatementEffects of AdjustingEntries
Refer to E4-3 and E4-4.
Required:
For each of the transactions in E4-3 and E4-4. 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 |
E4-3 (a) | ||||||
E4-3 (b) | ||||||
E4-4 (a) | ||||||
E4-4 (b) |
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