Give the accounting equation effects of the adjustments

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Reference no: EM131810266

For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31.

(Enter any decreases to Assets. Liabilities, or Stockholders' Equity with a minus sign)

1. Collected $2.160 rent for the period October 1 to December 31. which was credited to Unearned Revenue on October 1.

2. Paid $1,008 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount Used a machine purchased on October 1 for $38 400

3. The company estimates annual depreciation of $3, 840.

Reference no: EM131810266

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