Question

X Company's accountant made adjusting entries at the end of the period for the following reasons:...

X Company's accountant made adjusting entries at the end of the period for the following reasons:
$2,869 of unpaid interest on a bank loan
$581 of wages that were earned by employees but not paid
$1,470 of insurance that expired
What was the effect of these entries on total equities? (Has to be one number, not an explanation for each entry)
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Answer #1

Retained earning will decrease by $ 4920. that mean total equity decreases by $ 4920.

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