Elsie owns a small business.At the end of the month,Elsie needed to make adjusting entries to prepare statements on the accrual basis.Which two of the following six possibilities occurred as a result of each of the following adjustments - an asset increased,an asset decreased,a liability increased,a liability decreased,equity increased,or equity decreased:
a.An accrual for salaries that were due to an employee,but were not paid
b.An adjustment for depreciation on Elsie's store fixtures
c.An adjustment for the expiration of prepaid insurance
d.An accrual for interest earned on a certificate of deposit that had not matured

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The Answer of Elsie owns a small business.At the end of the month,Elsie needed to make adjusting entries to prepare statements on the accrual basis.Which two of the following six possibilities occurred as a result of each of the following adjustments - an asset increased,an asset decreased,a liability increased,a liability decreased,equity increased,or equity decreased:
a.An accrual for salaries that were due to an employee,but were not paid
b.An adjustment for depreciation on Elsie's store fixtures
c.An adjustment for the expiration of prepaid insurance
d.An accrual for interest earned on a certificate of deposit that had not matured

Elsie Owns a Small Business