Please answer and explain the following three questions.

ONLY TWO TRIES FOR EACH QUESTION Questions 7 and 8 refer to the following entries: X Company prepares monthly financial statements. On October 31, its accountant made adjusting entries to recognize: $5,720 of unpaid interest expense on a bank loan $1,827 of wages that were earned by employees but not paid $3,940 of rent and insurance that had expired $7,854 of depreciation 7. What was the effect of these entries on Retained Earnings in October? OA: $-10,498 OB: $-11,862|OC: $-13,404|OD: $-15,147|OE: $-17,116|OF: $-19,341|OG: $-21,855|OH: $-24,697 Submit Answer Tries 0/2 8. What was the effect of these entries on total equities in October? OA: $-4,598 OB: $-5,379|OC: $-6,294 OD: $-7,364|OE: $-8,616|OF: $-10,080|OG: $-11,794|OH: $-13,799 Submit Answer Tries 0/2