Check my work M4-7 Determining Financial Statement Effects of Adjusting Entries (Accrued Accounts) LO4. In each of the following transactions through (for Romney's Marketing Company, use the three-stop process ilustrated in the chapter to record the adjusting entry at the end of the current year. Indicate the amours and direction of effects of the adjusting entry on the elements of the balance sheet and income statement indicate - 10 increase - for decrease a. Estimated electricity usage at $450 for December, to be paid in January of next year b. On September 1 of the current year, loaned $6,000 to an officer who will repay the loan principal and interest in one year at an annual Interest rate of 14 percent c. Owed wages to 10 employees who worked four days at $200 each per day at the end of the current year. The company will pay employees at the end of the first week of next year Income Statement Stockholder con Assets Liabilities Revenues I Expenses Not income