Determining Financial Statement Effects of Adjusting Entries (Deferred Accounts)
For each of the transact ions in M4-4, indicate the amounts 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. | ||||||
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