(Solution) - Refer to the information regarding Martin Towing Company in P4 3 Required 1 -(2025 Original AI-Free Solution)

Paper Details

Refer to the information regarding Martin Towing Company in P4-3.
Required:
1. Indicate whether each transaction relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense.
2. Using the following headings, indicate the effect of each adjusting entry and the amount of each. Use + for increase, - for decrease, and NE for no effect. (Reminder: Assets = Liabilities + Stockholders' Equity; Revenues - Expenses = Net Income; and Net Income accounts are closed to Retained Earnings, a part of Stockholders' Equity.)