1. Four types of adjusting entries were identified in this chapter. Type I Type II Type III Type IV Converting Assets to Expenses Converting Liabilities to Revenue Accruing Unpaid Expenses 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. Income Statement Balance Sheet Adjustment Type Revenue Expenses Net Income Assets Liabilities Owners' Equity Type I Type II Type III Type IV