For each of the following transactions, indicate the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase, - for decrease, and NE for no effect. Do not leave any blank spaces.
Transactions:
A. Wages of $5,800 have been earned, but not paid to employees at the end of the year.
B. Supplies in the amount of $2,000 were used during the year, which are currently recorded in the office supplies (inventory) account.
C. Interest has accrued on a note payable.

Question

For each of the following transactions, indicate the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase, - for decrease, and NE for no effect. Do not leave any blank spaces.
Transactions:
A. Wages of $5,800 have been earned, but not paid to employees at the end of the year.
 B. Supplies in the amount of $2,000 were used during the year, which are currently recorded in the office supplies (inventory) account.
 C. Interest has accrued on a note payable.

Quizplus · Accepted Answer

The Answer of For each of the following transactions, indicate the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase, - for decrease, and NE for no effect. Do not leave any blank spaces.
Transactions:
A. Wages of $5,800 have been earned, but not paid to employees at the end of the year.
 B. Supplies in the amount of $2,000 were used during the year, which are currently recorded in the office supplies (inventory) account.
 C. Interest has accrued on a note payable.

For Each of the Following Transactions, Indicate the Direction of Effects