Questions 10 and 11 refer to the following information: X Company prepares monthly financial statements. On October 31, its accountant made adjusting entries to recognize: $5,553 of unpaid interest expense on a bank loan $1,431 of wages that were earned by employees but not paid $3,313 of rent and insurance that had expired $7,366 of depreciation $279 October phone bill, to be paid in November 10. What was the effect of these entries on retained earnings? Tries 0/3 11. What was the effect of these entries on total equities?