Determine whether recording each of the following

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Reference no: EM13579149

Determine whether recording each of the following adjustments will increase (i), decrease (d), or have no effect (NE) on each of the three elements of the accounting equation.

Transactions Assets = Liabilities + SE

Ex: Wages earned during the period but not yet paid NE I D are accrued.

1. Prepaid insurance is reduced for the portion of the policy that has expired during the period.

2. Interest incurred during the period but not yet Paid is accrued.

3. Depreciation for the period is recorded

4. Revenue is recorded for the earned portion of a liability for amounts collected in advance from customers.

5. Rent revenue is recorded for amounts owed by

a tenant but not yet received.

6. Income taxes owed but not yet paid are accrued.

Reference no: EM13579149

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