s 6 and 7 refer to the following information: X Company, a merchandiser, prepares monthly financial statements. On June 30, its accountant made adjusting entries to record: $5,594 of June interest on a bank loan to be paid in July $1,622 of wages that were earned by employees in June but to be paid in July $4,916 of rent and insurance for June that was prepaid on June 1 but had expired $3,528 of depreciation on factory equipment a $2,717 June utility bill received in June, to be paid in July a shipment of products in June for which customers paid $1,030 in May 6. What would be the effect of these entries on total assets in June? OA: $-4,774 OB: $-6,349 OC: $-8,444 D: $-11,231 E: $-14,937 OF: $-19,866 Submit Answer Tries 0/99 7. What would be the effect of these entries on total liabilities in June? OA: $7,122 Submit Answer B: $8,903 C: $11,129 OD: $13,911 E: $17,389 OF: $21,736 Tries 0/99