For Each of the Following Transactions, Indicate the Direction of Effects

question 60

Essay

For each of the following transactions, indicate the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase, and - for decrease, and NE for no effect. Do not leave any blank spaces.
Transactions:
A. Wages of $5,800 have been earned, but not paid to employees at the end of the year.
B. Supplies in the amount of $2,000 were used during the year, which are currently recorded in the office supplies (inventory) account.
C. Interest has accrued on a note payable.

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Definitions:

Loading Docks

Loading docks are designated areas in warehouses, manufacturing plants, or retail centers where goods are loaded onto and offloaded from trucks, trailers, or other transport vehicles, facilitating the distribution of products.

Meatpacking Facility

A processing operation where animals are slaughtered for meat and prepared for distribution and sale.

OSHA

The Occupational Safety and Health Administration, an agency of the US Department of Labor tasked with ensuring safe and healthy working conditions by setting and enforcing standards.

Health and Safety

Measures and procedures implemented to ensure the well-being and physical protection of employees in the workplace.