Determine whether recording each of the following adjustments will increase (I), decrease (D), or have no effect (NE) on each of the three elements of the accounting equation. Assets = Liabilities +...

Determine whether recording each of the following adjustments will increase (I), decrease (D), or have no effect (NE) on each of the three elements of the accounting equation. Assets = Liabilities + Stock. Equity Example: Wages earned during the period but not yet paid are accrued. NE I D 1. Prepaid insurance is reduced for the portion of the policy that has expired during the period. _______ _______ _______ 2. Interest incurred during the period but not yet paid is accrued. _______ _______ _______ 3. Depreciation for the period is recorded. _______ _______ _______ 4. Revenue is recorded for the earned portion of a liability for amounts collected in advance from customers. _______ _______ _______ 5. Rent revenue is recorded for amounts owed by a tenant but not yet received. _______ _______ _______ 6. Income taxes owed but not yet paid are accrued. _______ _______ _______