B- The following transactions occurred in ABC Company:

1. The accountant recorded $900 Depreciation Expense on store equipment as follows:

Dr. Depreciation Expense 900

Cr. Accounts Payable 900

2. The accrued salaries at December 31,2020 amounted to $490, The accountant made an adjusting entry by debiting salaries expense $940 and crediting Cash $940. Required: Show the effect of each entry on the financial statements separately. (Correcting entries are not required). (8 marks)