Identify the impact on the balance sheet for that month if the following information is not used to adjust the accounts.
1. Supplies consumed during the month totalled $3,000.
2. Interest accrues on notes payable at the rate of $200 per month.
3. Insurance of $450 expired during the month.
4. Plant and equipment are depreciated at the rate of $1,200 per month.

Question

Quizplus · Accepted Answer

The Answer of Identify the impact on the balance sheet for that month if the following information is not used to adjust the accounts.
1. Supplies consumed during the month totalled $3,000.
2. Interest accrues on notes payable at the rate of $200 per month.
3. Insurance of $450 expired during the month.
4. Plant and equipment are depreciated at the rate of $1,200 per month.

Identify the Impact on the Balance Sheet for That Month