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Company X recorded the following adjusting entries to their accounts at the end of the year: 1. Decreased their deferred revenue from 208 to 93. 2. Decreased their prepaid insurance from 46 to 34. 3. Recorded $20 of accrued interest that will be paid next month. 4. Recorded $14 of depreciation expense. What is the total effect on income from these adjustments? Enter your answer as a positive if income increases and a negative if income decreases.

Company X recorded the following adjusting entries to their accounts at the end of the year: 1. Decreased their deferred revenue from 208 to 93. 2. Decreased their prepaid insurance from 46 to 34. 3. Recorded $20 of accrued interest that will be paid next month. 4. Recorded $14 of depreciation expense. What is the total effect on income from these adjustments? Enter your answer as a positive if income increases and a negative if income decreases.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Company X recorded the following adjusting entries to their accounts at the end of the year: 1. Decreased their deferred revenue from 208 to 93. 2. Decreased their prepaid insurance from 46 to 34. 3. Recorded $20 of accrued interest that will be paid next month. 4. Recorded $14 of depreciation ex se. What is the total effect on income from these adjustments? Enter your answer as a positive if income increases and a negative if income decreases.
Transcribed Image Text:Company X recorded the following adjusting entries to their accounts at the end of the year: 1. Decreased their deferred revenue from 208 to 93. 2. Decreased their prepaid insurance from 46 to 34. 3. Recorded $20 of accrued interest that will be paid next month. 4. Recorded $14 of depreciation ex se. What is the total effect on income from these adjustments? Enter your answer as a positive if income increases and a negative if income decreases.
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