Reference no: EM132801494
Question - X Company, a merchandiser, prepares monthly financial statements.
On June 30, its accountant made adjusting entries to record:
-$5,793 of June interest on a bank loan to be paid in July
-$1,666 of wages that were earned by employees in June but to be paid in July
-$4,778 of rent and insurance for June that was prepaid on June 1 but had expired
-$3,566 of depreciation on factory equipment
-a $2,813 June utility bill received in June, to be paid in July
-a shipment of products in June for which customers paid $1,200 in May
Required -
1. What would be the effect of these entries on total assets in June?
2. What would be the effect of these entries on total liabilities in June?
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