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Transaction Analysis and Adjustments For each of the following unrelated situations, determine the financial statement effect using the Transaction Analysis Template. a. Unrecorded depreciation
Transaction Analysis and Adjustments For each of the following unrelated situations, determine the financial statement effect using the Transaction Analysis Template. a. Unrecorded depreciation on equipment is $2,475. b. The Supplies account has a balance of $8,250. Supplies on hand at the end of the period total $2,750. c. On the date for preparing financial statements, an estimated utilities expense of $1,100 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $7,700 increase to Prepaid Rent and a $7,700 decrease to Cash. Monthly statements are now being prepared. e. Nine months ago, Macke Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by increasing Cash and Unearned Premium Revenue for $1,716. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared. f. At the end of the accounting period, employee wages of $1,650 have been incurred but not paid. g. At the end of the accounting period, $1,375 of interest has been earned but not yet received on notes receivable that are held. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Transaction Assets Liabilities + Stockholders' Equity Revenues Expenses Net Income a. To record depreciation. 0 0 0 0 0 0 b. To record supplies. 0 0 0 0 0 0 c. To record utilities. 0 0 0 0 0 0 d. To record rent. 0 0 0 0 0 0 e. To record revenue. 0 0 0 0 0 0 f. To record wages. 0 0 0 0 0 0 g. To record interest. 0 0 0 0 0
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