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What would be the effect of entries on total assets in june

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Reference no: EM132785701

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

  1. $5,793 of June interest on a bank loan to be paid in July
  2. $1,666 of wages that were earned by employees in June but to be paid in July 
  3. $4,778 of rent and insurance for June that was prepaid on June 1 but had expired 
  4. $3,566 of depreciation on factory equipment 
  5. a $2,813 June utility bill received in June, to be paid in July 
  6. a shipment of products in June for which customers paid $1,200 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: EM132785701

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