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

question 159

Essay

Identify the effects of each of the following items on the accounting equation.Show the correct dollar amount.Account titles are not required.The first entry has been done for you.
a.Prepaid rent used up,$400
b.Only $500 remains unearned of the $3,500 recognized as unearned revenue at the beginning of the period
c.Of the $700 in office supplies on hand at the beginning of the period,only $100 remained at the end of the period
d.Interest accrued but unpaid on a note payable amounts to $120
e.Depreciation of the long-term assets amounts to $12,000
f.Wages and salaries earned by employees but unpaid amount to $10,000

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Definitions:

Inspection Time

The time allocated for examining and checking goods or services to ensure they meet quality standards.

Value-Added Time

The portion of production time that adds value to the product, as opposed to time spent on non-value-adding activities.

Quality Cost Reports

Documents that outline the costs associated with ensuring products meet quality standards, including prevention, appraisal, and failure costs.

Lost Sales

Revenue opportunities foregone due to stockouts, production constraints, or market limitations.