Identify the Effects of Each of the Following Items on the Accounting

question 153

Essay

Identify the effects of each of the following items on the accounting equation.Show the correct dollar amount and write in the name of the account involved.The first entry has been done for you.
a.Supplies used up during the period,$100
b.Prepaid rent used up during the period,$320
c.Interest accrued on a note payable but unpaid,$250
d.Depreciation on long-term assets,$6,000
e.The portion of unearned revenue that has been earned,$1,400
f.A $12,000,12-month insurance policy was purchased 3 months ago.An end of the year adjustment must be made

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Definitions:

Matter of Belief

Refers to something whose truth or existence depends upon individuals' belief systems rather than empirical evidence.

Aquinas's Cosmological Argument

An argument for the existence of God, proposing that everything that exists has a cause, which leads to the necessity of a first cause, identified as God.

Anthropomorphic

The attribution of human traits, emotions, or intentions to non-human entities, objects, or natural phenomena.

Masculinist/Patriarchal

Referring to a system or perspective that privileges male attributes and leadership, often at the expense of female participation and equality.