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What would be the effect of these entries on total assets

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Question - X Company, a merchandiser, prepares monthly financial statements. On September 30, its accountant made adjusting entries to record:

$5,831 of September interest on a bank loan to be paid in October

$1,577 of wages that were earned by employees in September but to be paid in October

$4,806 of rent and insurance for September that was prepaid on September 1 but had expired

$3,698 of depreciation on factory equipment

a $2,869 September utility bill received in September, to be paid in October

a shipment of products in September for which customers paid $1,250 in August

Required -

1. What would be the effect of these entries on total assets in September?

2. What would be the effect of these entries on total liabilities in September?

Reference no: EM132786570

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