I'm having difficulty with this question, by getting the rest of the values from the given prices, as well as understanding where to place some of the prices. **Transaction Analysis and Adjustments**For each of the following unrelated situations, determine the financial statement effect using the Transaction Analysis Template:a. Unrecorded depreciation on equipment is $610.b. The Supplies account has a balance of $2,990. Supplies on hand at the end of the period totaled $1,100.c. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has been received.d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 increase to Prepaid Rent and a $2,800 decrease in Cash. Monthly statements are now being prepared.e. Nine months ago, Solid Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by increasing Cash and Unearned Premium Revenue for $624. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared.f. At the end of the accounting period, employee wages of $965 have been incurred but not paid.g. At the end of the accounting period, $300 of interest has been earned but not yet received on notes receivable.*Note: Use negative signs with answers, when appropriate.***Template for Analysis:**| Transaction | Balance Sheet | Income Statement ||-------------------------|------------------------------|------------------------------|| | Assets = Liabilities + Stockholders' Equity | Revenues - Expenses = Net Income || a. To record depreciation. | | || b. To record supplies. | | || c. To record utilities. | | || d. To record rent. | | || e. To record revenue. | | || f. To record wages. | | || g. To record interest. | | |**Instructions:**- Enter your analysis in the table above by considering the effect each transaction has on the accounts.- Use the provided template to appropriately categorize changes in assets, liabilities, stockholders' equity, revenues, and expenses, affecting the net income as well.- Ensure to reflect negative changes with appropriate signs.

An accounting transaction has two aspects. It will affect debit and credit by the same amount. A…

Answered: e financial statement effect u

e financial statement effect u

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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