Video, Inc., had the following separate situations occur during the current year. The company's accountant is preparing the annual financial statements at December 31 and has asked you to determine the financial statement effect for each situation. Next to each transaction in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of December.

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The Answer of Video, Inc., had the following separate situations occur during the current year. The company's accountant is preparing the annual financial statements at December 31 and has asked you to determine the financial statement effect for each situation. Next to each transaction in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of December.