4. Indicate what impact the following adjustments have on the accounting equation,Assets = Liabilities + Equity (assume normal balances).Impact 1Impact 2A.Prepaid Insurance adjusted from $5,000 to $3,600В.Interest Payable adjusted from $5,300 to $6,800C.Prepaid Insurance adjusted from $18,500 to $6,300D.Supplies account balance $500, actual count $220B. 1. So far, computer systems cannot yetA. receive data and instructions from input devices such as a scanner.B. decide how to record a business transaction.C. communicate with other computers electronically.D. recognize that you made a mistake entering $100 when you meant to enter $101.

4. A. Prepaid insurance adjusted from $5000 to $3600 Asset decreased by $1400 Equity (Profit)…

ssets = Liabilities + Equity (assume normal balances). Impact 1 Impact 2 Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies account balance $500, actual count $220

ssets = Liabilities + Equity (assume normal balances). Impact 1 Impact 2 Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies account balance $500, actual count $220

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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