For the following situations, indicate the types of accounts affected in a year-end adjustment. Use the following legend: IA = Increase in Asset; DA = Decrease in Asset; IL = Increase in Liability; DL...

For the following situations, indicate the types of accounts affected in a year-end adjustment. Use the following legend: IA = Increase in Asset; DA = Decrease in Asset; IL = Increase in Liability; DL = Decrease in Liability; IR = Increase in Revenue; IE = Increase in Expense. Accounts Affected Situation ______ ______ 1. A company owes employees for wages earned but not yet paid. ______ ______ 2. Rent is earned for the month, and the tenant is given until the 10th of the following month to pay. ______ ______ 3. A portion of an insurance policy paid for in advance has expired. ______ ______ 4. A gift card is redeemed by its recipient. Brief Exercise 4-6 Steps in the Accounting Cycle Recall the steps in the accounting cycle shown in Exhibit 4-5. Assume that a company does not prepare a work sheet. Which of the two remaining steps in the accounting cycle are performed in a different order than they would be if a work sheet were prepared? Explain your answer.