Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:

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.
€¢ Depreciation of equipment was estimated to be $7,200 for the year.
€¢ 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 Retained Earnings.

Transcribed Image Text:

Trident Repairs & Service Unadjusted Trial Balance November 30, 20Y3 Debit Credit Balances Balances Cash 10,350 Accounts Receivable. 67,500 16,200 Supplies.. Equipment.. Accounts Payable Unearned Fees.. 116,100 25,750 18,000 Common Stock 50,000 Retained Earnings 111,500 Dividends 13,500 Fees Earned. 294,750 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 124,500 92,000 51,750 8,100 500,000 500,000