Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $75,000 Equipment 250,000 Accumulated Depreciation-Equipment $12,000 Prepaid Rent 12,000 Supplies 3,170 Wages Payable Unearned Fees 10,000 Fees Earned 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. Depreciation of equipment during year, $1,675. Rent expired during year, $8,500. Wages accrued but not paid at November 30, $2,000. Unearned fees at November 30, $4,000. Unbilled fees at November 30, $5,380.
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $75,000 Equipment 250,000 Accumulated Depreciation-Equipment $12,000 Prepaid Rent 12,000 Supplies 3,170 Wages Payable Unearned Fees 10,000 Fees Earned 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. Depreciation of equipment during year, $1,675. Rent expired during year, $8,500. Wages accrued but not paid at November 30, $2,000. Unearned fees at November 30, $4,000. Unbilled fees at November 30, $5,380.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.6.3P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...
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