Problem 4-7 Beta Alloys made the following adjusting journal entries on December
ID: 2339627 • Letter: P
Question
Problem 4-7 Beta Alloys made the following adjusting journal entries on December 31, 2017 No. Acount Titles and Explanation Debit Credit 1. Salaries and Wages Expense 10,000 10,000 Salaries and Wages Payable Prepaid Insurance Intarast Revanude 2. Insurance Expense 5,000 5,000 3. Intcrect Receivable ,000 ,000 S. Depreciation Expense 6. Supplies Expense 7. Unearned Subscription Revenue 2,000 20,0a0 8,000 8,000 2,000 Clessify each edjusting entry as either an eccruel adjustment () or a cost expiration edjustment (C), and ind icete whether each entry increases (+), decreases ),r has no effect (NE) on assets, liabilities, shareholders' equity, revenues, and expenses. Organize your answer in the following way. The fist journal entry ha been done for you. Click if you would like to Show Work for this question: en Show workExplanation / Answer
Answer
Entry
Classification
Assets
Liabilities
Shareholder's Equity
Revenue
Expenses
1
Accrual Adjustments
No effect
Increase
Decreases
No Effect
Increases
2
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
3
Accrual Adjustments
Increases
No effect
Increases
Increases
No Effect
4
Cost Expiration adjustment
No effect
Decreases
Increases
Increases
No Effect
5
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
6
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
7
Accrual Adjustments
No effect
Decreases
Increases
Increases
No Effect
Entry
Classification
Assets
Liabilities
Shareholder's Equity
Revenue
Expenses
1
Accrual Adjustments
No effect
Increase
Decreases
No Effect
Increases
2
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
3
Accrual Adjustments
Increases
No effect
Increases
Increases
No Effect
4
Cost Expiration adjustment
No effect
Decreases
Increases
Increases
No Effect
5
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
6
Cost Expiration adjustment
Decreases
No effect
Decreases
No Effect
Increases
7
Accrual Adjustments
No effect
Decreases
Increases
Increases
No Effect
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