Debit Credit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40,000 330,000 120,000 39,000 150,000 70,000 22,000 30,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid rent Supplies Prepaid Advertising Note Receivable Interest Receivable Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Salary & Wage Payable Unearned revenue Unearned rent revenue Common Stock Retained Earnings Sales Revenue Rent Revenue Utilities Expenses Depreciation expense -buildings Depreciation expense-equipment Insurance expense Advertising Expense Bad debt expense Supplies expense Rent expense Salaries and Wages Expense Maintenance and Repairs Expense 4,000 3,000 400,000 119,000 365,000 36,000 54,000 2,000 8,000 24,000 8,000 1,000 2,000 48,000 185,000 24,000 1,090,000 1,090,000 On 6/1/21, the company, XYZ, borrowed 100,000 from a kbank @ 6% interest for a 9 month note (interest is stated as annual percentage rate unless otherwise noted) 1.) If no adjusting entries were recorded by XYZ during the year the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 2.) Record the payment on 2/28/22 if XYZ makes reversing entries. 3.) Record the payment on 2/28/22 if XYZ doesn't make reversing entries. 4.) If no adjusting entries were recorded by KBank during the year the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.) Record the receipt on 2/28/22 if Kbank makes reversing entries. 6.) Record thereceipt on 2/28/22 if Kbank doesn't make reversing entries. Understated Overstated No Effect Assets Understated Overstated Liabilities No Effect Understated Equity Overstated No Effect Understated Overstated Retained earnings No Effect Understated Overstated Revenue No Effect Understated Overstated COGS No Effect Understated Overstated No Effect Understated Expenses Overstated Net Income No Effect Debit Credit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40,000 330,000 120,000 39,000 150,000 70,000 22,000 30,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid rent Supplies Prepaid Advertising Note Receivable Interest Receivable Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Salary & Wage Payable Unearned revenue Unearned rent revenue Common Stock Retained Earnings Sales Revenue Rent Revenue Utilities Expenses Depreciation expense -buildings Depreciation expense-equipment Insurance expense Advertising Expense Bad debt expense Supplies expense Rent expense Salaries and Wages Expense Maintenance and Repairs Expense 4,000 3,000 400,000 119,000 365,000 36,000 54,000 2,000 8,000 24,000 8,000 1,000 2,000 48,000 185,000 24,000 1,090,000 1,090,000 On 6/1/21, the company, XYZ, borrowed 100,000 from a kbank @ 6% interest for a 9 month note (interest is stated as annual percentage rate unless otherwise noted) 1.) If no adjusting entries were recorded by XYZ during the year the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 2.) Record the payment on 2/28/22 if XYZ makes reversing entries. 3.) Record the payment on 2/28/22 if XYZ doesn't make reversing entries. 4.) If no adjusting entries were recorded by KBank during the year the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.) Record the receipt on 2/28/22 if Kbank makes reversing entries. 6.) Record thereceipt on 2/28/22 if Kbank doesn't make reversing entries. Understated Overstated No Effect Assets Understated Overstated Liabilities No Effect Understated Equity Overstated No Effect Understated Overstated Retained earnings No Effect Understated Overstated Revenue No Effect Understated Overstated COGS No Effect Understated Overstated No Effect Understated Expenses Overstated Net Income No Effect