Solved: Determine the total equities, Financial Accounting

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Determine the total equities

Response to the following problem:

X Company prepares monthly financial statements.

In March, its accountant recorded entries as follows: made an adjusting entry for $1,651 of unpaid interest on a bank loan recorded $4,172 for wages paid made an adjusting entry for $596 of wages that were earned by employees but not paid made an adjusting entry for $1,350 of insurance that had expired recorded $1,930 that was received from a customer for merchandise that X Company special ordered and agreed to deliver in April. As a result of these entries, total equities decreased by_____?

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Financial Accounting: Determine the total equities

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