For Each of the Following Transactions,indicate the Amounts and Direction

question 99

Essay

For each of the following transactions,indicate the amounts and direction of effects of the adjusting entry on the elements of the statement of financial position and income statement.Using the following format,indicate + for increase,and - for decrease,and NE for no effect.
Transactions:
a.We have accrued wages owed but not paid to our employees at the end of the year,$4,500.
b.We used supplies in the amount of $6,000 during the year that are currently recorded in the office supplies account.
c.The one year bank loan we took out on October 1,20A,in the amount of $100,000 has accrued interest that will not be paid until September 30,20B,along with the principal.

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Definitions:

Ethical Issue

A situation or decision that involves a conflict between a person's moral principles and the best course of action.

Federal Trade Commission

A U.S. federal agency responsible for protecting consumers and ensuring a strong competitive market by enforcing antitrust and consumer protection laws.

Improved

Made better or enhanced in quality, value, or condition.

Revamped Products

Products that have been modified, updated, or improved with new features, designs, or packaging to enhance appeal and meet evolving customer demands.