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X Company, a merchandiser, prepares monthly financial statements. On April 30, its accountant made adjusting entries to record: $5,858 of April interest on a bank
X Company, a merchandiser, prepares monthly financial statements. On April 30, its accountant made adjusting entries to record:
- $5,858 of April interest on a bank loan to be paid in May
- $1,767 of wages that were earned by employees in April but to be paid in May
- $4,910 of rent and insurance for April that was prepaid on April 1 but had expired
- $3,720 of depreciation on factory equipment
- a $2,959 April utility bill received in April, to be paid in May
What would be the effect of these entries on total assets in April?
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