Refer to E4-7.

Required:

For each of the transactions in E4-7, indicate the amount and direction of effects of the adjusting entry on the elements of the statement of financial position and income statement. Use the following format: + for increase, - for decrease, and NE for no effect.

Transcribed Image Text:

Statement of Financial Position Transaction Assets a. b. C. etc. Liabilities Shareholders' Equity Revenues Income Statement Expenses Profit