X Company, a merchandiser, prepares monthly financial statements. On June 30, its accountant made adjusting entries to record: $5,887 of June interest on a bank loan to be paid in July $1,799 of wages that were earned by employees in June but to be paid in July $4,501 of rent and insurance for June that was prepaid on June 1 but had expired $3,702 of depreciation on factory equipment a $2,612 June utility bill received in June, to be paid in July What would be the effect of these entries on Net Income in June? A: $-7,578|OB: $-9,473 C: $-11,841 D: $-14,801 E: $-18,501| OF: $-23,126 000