X Company, a merchandiser, prepares monthly financial statements. On June 30, its accountant made adjusting entries to record: $5,537 of June interest on a bank loan to be paid in July $1,992 of wages that were earned by employees in June but to be paid in July $4,883 of rent and insurance for June that was prepaid on June 1 but had expired $3,872 of depreciation on factory equipment a $2,734 June utility bill received in June, to be paid in July a shipment of products in June for which customers paid $1,010 in May 6. What would be the effect of these entries on total assets in June? OA: $-2,104 OB: $-2,798 OC: $-3,721 OD: $-4,949 OE: $-6,583 OF: $-8,755 Submit Answer Tries 0/99 7. What would be the effect of these entries on total liabilities in June? OA: $2,093 B: $3,035 OC: $4,401 OD: $6,381 E: $9,253 OF: $13,417 Submit Answer Tries 0/99