M$4-7($Algo$)$ Determining Accounting Equation Effects of Accrual Adjustments $[$LO $4-2]$

Required:

For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at

the end of the month on July $31$: $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.$)$

a$.$ Received a $$620$ utility bill for electricity usage in July to be paid in August.

b$.$ Owed wages to $5$ employees who worked four days at $$110$ each per day at the end of July. The company will pay employees at the

end of the first week of August.

c$.$ On July $1,$ loaned money to an employee who agreed to repay the loan in one year along with $$1,320$ for one full year of interest. No

interest has been recorded yet.