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I'm lost with this. can anyone understand and complete this. Problem I Effects of Adjusting Entries on the Accounting Equation 24 points The accounts for
I'm lost with this. can anyone understand and complete this.
Problem I Effects of Adjusting Entries on the Accounting Equation 24 points The accounts for DX Company are tlisted below, identified by number. Following the list of accounts is a series of adjustments prepared by DX Company. For cach adjustment, enter the number(s) of the accountis) under the respective section of the accounting equation and show the effects on the accounting equation by placing a + sign if the adjustment increases or parentheses around the account number if the adjustment decreases the accounting equation element. NOTE: Since there are no dollar amounts used in the problem the net income column has been intentionally omitted. Show the correct effect in the Stockholders' Equity column so the Balances Sheet balances. 1.Cash 2.Accounts Receivable 3.Prepaid Rent 4.Office Supplies 5.Automobiles 6.Accumulated Depreciation 7. Accounts Payable 8. Unearned Service Revenue I1. 12. 13. 14. 15. 16. 17. 18. 19. 20. Capital Stock Retained Earnings Interest Revenue Service Revenue Office Supplies Expense Rent Expense Salaries and Wages Expense Depreciation Expense Interest Expense Income Tax Expense 9 Salaries and Wages Payable 10.Income Tax Payable BALANCE SHEET Liabilities +Stockholders' Revenues Expenses NCOME STATEMENT Adjustments Assets Recognized services earned for payments received the previous 2 month b. Recognized depreciation xpense for the current nth ecognized office supplies used during the month d. Recorded monthly income tax expense Provided consulting services to clients that Accrued wages earned y employees to be paid (l next month
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