Indicate what impact the following adjustments have on the accounting equation, Assets Liabilities Equity (assume normal balances) A B C D Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies acco...

Business
Principles Of Accounting Volume 1
Indicate what impact the following adjustments have on the accounting

Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume

Question:

Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances).

Transcribed Image Text:

A. B. C. D. Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies account balance $500, actual count $220 Impact 1 Impact 2

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (6 reviews)

A Prepaid Insurance adjusted from 5000 to 3600 Impact 1 Assets decrease by 1400 Impact 2 Equ...View the full answer

Answered By

Hande Dereli

Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.

0.00 0 Reviews 10+ Question Solved

Related Book For answer-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

See More Books

Question Posted: Aug 09, 2022 11:57 PM

See More Questions

Students also viewed these Business questions

Indicate what impact the following adjustments have on the accounting equation: Assets = Liabilities + Equity (assume normal balances). A. B. C. D. Unearned Rent adjusted from $15,000 to $9,500...
(a) Why is the MD&A section of the annual report useful to the financial analyst? What types of information can be found in this section? (b) Using the excerpts from the MD&A of the Biolase,...
The CFO of First Things Computing, Inc. (FTC) prepared the following balance sheet as of December 31, 2016. For the sake of simplicity, assume that FTC does not incur income tax expense. Thus, the...
Sketch the graph of the function. y = e -x/2
Describe a bullish sign when using a moving average; a bearish sign. Do the same tor the advance decline line.
An array of power transistors, dissipating 6 W of power each, are to be cooled by mounting them on a 25-cm Ã 25-cm-square aluminum plate and blowing air at 35°C over the plate with a fan...
Refer to the information in QS 13-4. Use that information for Tide Corporation to determine the 2016 and 2017 common-size percents for cost of goods sold using net sales as the base. Data From QS...
In Shady Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing...
Activity 3 Response: As an investigation of scientific question B, consider an object that is not the human body, but that also has a consistently higher temperature than the environment. Based on...
Irreversible first-order reaction in a continuous reactor, a well-stirred reactor of volume V is initially completely filled with a solution of solute A in a solvent S at concentration C AO . At time...
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Rent paid in advance for use of property B....
Search the web for instances of possible impropriety relating to earnings management. This could be news reports, Securities and Exchange Commission violation reports, fraud charges, or any other...
For the following exercises, describe how the formula is a transformation of a toolkit function. Then sketch a graph of the transformation. p(x)=(x)-3
Your institution has a well-publicized policy against the use of unauthorized, unlicensed software copies. One of the nurses has noted during the course of conversation, that she loaded a copy of...
What is the role of combat fitness? Prepare Marines to maintain a 300 PFT score Prepare Marines to excel on the CFT Prepare Marines to excel at intramural service sports Prepare Marines to physically...
The resource use efficiency hypothesis is an explanation for why productivity increases when plant species diversity increases. Which of these predictions follows from this hypothesis? a) There...
A heat engine takes an ideal gas through a reversible cycle starting at 700 kPa and 2 m, through (1) an isothermal expansion to 7 m, then (2) an isochoric process that halves the pressure, then (3)...
Define instructional management plan in The Public School System using the 6 points below: The goal of the plan and your training audience. Rules and expectations. Role of the learner in the...
If A has a dominant eigenvalue 1, prove that the eigenspaces E1 is one-dimensional.
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
Which budget is the starting point in preparing financial budgets? A. The budgeted income statement B. The budgeted balance sheet C. The capital expense budget D. The cash receipts budget
Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed: Determine the static budget and use the information...
Judges Gavel uses this information when preparing their flexible budget: direct materials of $3 per unit, direct labor of $2.50 per unit, and manufacturing overhead of $1.25 per unit. Fixed costs are...
Describe some of the explicit and implicit costs of obtaining a college degree. If two baristas can produce 200 espresso drinks per shift and three baristas can produce 275 espresso drinks, what is...
It takes a hospital dietician 40 min to drive from home to the hospital, a distance of 22 mi. What is the dietician's average rate of speed?
Despite the negative publicity surrounding Uber, consumers continue to use the company's services. Is this surprising? If so, why? If not, why not?

The Oceanography Of The Moon A Novel - ISBN: 1542026504 - Free Book

Study smarter with the SolutionInn App