Four types of adjusting entries were identified in this chapter. Type I Converting Assets to Expenses Type II Converting Liabilities to Revenue Type III Accruing Unpaid Expenses Type IV Accruing Uncollected Revenue Complete the following table by indicating the effect of each adjusting entry type on the major elements of the income statement and balance sheet. Use the symbols I for increase, D for decrease, and NE for no effect.

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Adjustment Type Type I Type II Type III Type IV Income Statement Revenue Expenses Net Income Assets Liabilities Balance Sheet Owners' Equity