Exercise 4-5 summary of transactions for Whispering Winds Corp. before adjustmen

Question

Exercise 4-5 summary of transactions for Whispering Winds Corp. before adjustments include the following selected account information Assets + Stockholders' Equity AccumulatediabilitiesS Com. Stock + Rev.- (Depreciation) -Div Equipment - Depreclation-Equipment Exp. 23,600 preciation for the year is estimated to be $2,950. Record the a ansaction results in a decrease in Assets, Liabilities Stockh articular Asseu, Liabily or dquiy te thatwss or stockholders Equilty, place a negative sign (or parentheses) In front of the amount entered for the Assets - Liabilitias+ Stockholders' Equity Accumulated Com. Exp. Equipment -Depreciation-Equipment StockRev. Bal, 23,600 Dec. 31 Adj. Bal.

Explanation / Answer

Assets = Liabilities + Stockholders Equity Equipment - Accumulated Depreciation - Equipment = + Common stock + Rev. - Exp.(Depreciation) - Div. Bal $23,600 - = + + - $0 - Dec.31 - $2,950 = + + - $2,950 - Adj.Bal. $23,600 - $2,950 = + + - $2,950 -

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