Questions 8 and 9 refer to the following information: X Company prepares monthly financial statements....
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Questions 8 and 9 refer to the following information: X Company prepares monthly financial statements. The following transactions occurred during January: 1. On January 1, a one-year store rental lease was signed for a total of $36,000, and rent for the first 2 months was paid in advance. 2. On January 1, equipment was purchased for $55,000 with a downpayment of $11,000 and a note for the remainder. The note along with annual in value of $4,000. 3. Daily wages are $1,300 and are paid every Friday. The last day in January was a Tuesday 8. The required adjusting entries on January 31 decreased net income by a total of -39400 Submit Answer Incorrect. Tries 2/3 Previous Tries 9. The required adjusting entries on January 31 decreased total assets by a total of 39400 Incorrect. Tries 1/3 Previous Tries Submit
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