Concept explainers
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted
For preparing the adjusting entries, the following data were assembled:
• Fees earned but unbilled on November 30 were $7,000.
• Supplies on hand on November 30 were $1,300.
•
• The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November, $13,500 of the services were provided.
• Unpaid wages accrued on November 30 were $4,800.
Instructions
1. Journalize the adjusting entries necessary on November 30, 20Y3.
2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries.
3. Determine the revenues, expense, and net income of Trident Repairs & Service after the adjusting entries.
4. Determine the effect of the adjusting entries on
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Chapter 3 Solutions
Financial and Managerial Accounting - Workingpapers
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