help c) Regardless of whether cash was exchanged 5) Interest of $830 has accrued

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c) Regardless of whether cash was exchanged 5) Interest of $830 has accrued on a note payable. What is the necessary ad isting entry to record this interest? Debit Credit If this adjustment is not made, the following are overstated understated, or not impacted: Assets: Liabilities Stockholders Equity: Revenue: Expense: 6) Atkinson Inc. has $900 of supplies on hand, but their Supplies account shows a balance of $3,800, What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: Assets Liabilities: Stockholders' Equity Revenue Expense: 7) The depreciation on GoCats Co.'s office equipment is $620 per month What is the necessary adjusting entry to record monthly depreciation? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: Revenue: Assets Liabilities Stockholders' EquityExpense:

Explanation / Answer

5) Adjusting entry:

Impact :

Assets = Not impacted

Liabilities = Understated

Stockholder's equity = Overstated

Revenue = Not impacted

Expense = Understated

6) Adjusting entry:

Impact :

Assets = Overstated

Liabilities = No impact

Stockholder's equity = Overstated

Revenue = Not impacted

Expense = Understated

7) Adjusting entry:

Impact :

Assets = Overstated

Liabilities = No impact

Stockholder's equity = Overstated

Revenue = Not impacted

Expense = Understated

Date account and explanation debit credit Interest expense 830 Interest payable 830 (To record adjusting entry)

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