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Find what would be the effect of entries on total asset

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X Company, a merchandiser, prepares monthly financial statements. On June 30, its accountant made adjusting entries to record:

  1. $5,611 of June interest on a bank loan to be paid in July
  2. $1,964 of wages that were earned by employees in June but to be paid in July
  3. $4,863 of rent and insurance for June that was prepaid on June 1 but had expired
  4. $3,618 of depreciation on factory equipment
  5. a $2,750 June utility bill received in June, to be paid in July
  6. a shipment of products in June for which customers paid $1,070 in May

Problem 1: What would be the effect of these entries on total assets in June?

Problem 2: What would be the effect of these entries on total liabilities in June?

Reference no: EM132736804

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