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HW_2 - Due February 7th(DUE in CLASS Name Circle Class Time...

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Due February 7 th Name: _________________________________ (DUE in CLASS) Circle Class Time: 8:00 9:30 12:30 Accounting 200 Homework Assignment #2 - (10 points) Part 1: For each transaction, prepare the adjusting journal entry and answer questions about the impact on the accounting equation: a. Prepaid Advertising of $10,000 is used during the month. Circle the correct answer : Did Assets increase decrease not change? Did Liabilities increase decrease not change? Did Equity increase decrease not change? Does net income increase decrease not change? b. Unearned revenues of $2,500 has been earned. Circle the correct answer : Did Assets increase decrease not change? Did Liabilities increase decrease not change? Did Equity increase decrease not change? Does net income increase decrease not change? c. Maintenance expenses of $5,000 incurred in December have not yet been recorded, and will be paid next month. Circle the correct answer : Did Assets increase decrease not change? Did Liabilities increase decrease not change?
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