3-2A Adjusting entries ected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the rent year, are as follows: Obj. 2, 3, 4, E Debits Credits Accounts Receivable $ 75,000 Equipment Accumulated Depreciation-Equipment 345,700 $112,500 Prepaid Rent Supplies Wages Payable 9,000 3,350 Unearned Fees 12,000 Fees Earned 660,000 Wages Expense Rent Expense Depreciation Expense Supplies Expense 325,000 - ata needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,150. Supplies on hand at July 31, $900. das Rent expired, $6,000. Depreciation of equipment during year, $8,950. Unearned fees at July 31, $2,000. Wages accrued but not paid at July 31, $4,840. nstructions . Journalize the six adjusting entries required at July 31, based on the data presented. . What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? . What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued
3-2A Adjusting entries ected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the rent year, are as follows: Obj. 2, 3, 4, E Debits Credits Accounts Receivable $ 75,000 Equipment Accumulated Depreciation-Equipment 345,700 $112,500 Prepaid Rent Supplies Wages Payable 9,000 3,350 Unearned Fees 12,000 Fees Earned 660,000 Wages Expense Rent Expense Depreciation Expense Supplies Expense 325,000 - ata needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,150. Supplies on hand at July 31, $900. das Rent expired, $6,000. Depreciation of equipment during year, $8,950. Unearned fees at July 31, $2,000. Wages accrued but not paid at July 31, $4,840. nstructions . Journalize the six adjusting entries required at July 31, based on the data presented. . What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? . What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 17CE: Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following...
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