I am taking TCA 221 class. I am in Ch.3 now, which is Accounting Adjustments. I need to find the journals for the following situations. And then answer whether the following failures to record adjusting entries will understate or overstate net income, and what the effect on the balance sheet accounts will be.  1. Not recording accrued interest on loans 2. Not recording services rendered, but not yet billed  I do not know what are the journals for questions 1 and 2.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is