X Company prepares monthly financial statements. On October 31, its accountant made adjusting entries to recognize: $5, 785 of unpaid interest expense on a bank loan $1, 463 of wages that were earned by employees but not paid $3, 980 of rent and insurance that had expired $7, 226 of depreciation $285 October phone bill, to be paid in November What was the effect of these entries on retained earnings? What was the effect of these entries on total equities