2. 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? 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? \begin{tabular}{lll|} & \multicolumn{1}{c|}{ Over/Understated } & Amount \\ \hline Accounts receivable & & \\ Total assets & & \\ Wages payable & & $ \\ \hline Total liabilities & & $ \\ Owner's equity & & $ \\ \hline Total liabilities and owner's equity & & $ \\ \hline \end{tabular} 4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? automatically indent a credit entry when a credit amount is entered. Selected account balances before adjustment for Atlantic Coast Realty at July 31 , the end of the current year, are as follows: Data needed for year-end adjustments are as follows: - Unbilled fees at July 31, \$10,500. - Supplies on hand at July 31, $900. - Rent expired, 56,300 . - Depreciation of equipment during year, $8,650. - Unearned fees at July 31, \$1,590. - Wages accrued but not paid at July 31,$4,710. Required: 1. Joumalize the six adjusting entries required at July 31 , based on the data presented. Refer to the chart of accounts for the exact wording of the account tities. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW jouma/s will automatically indent a credit entry when a credit amount is entered. 2. 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? 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? CHART OF ACCOUNTS Atlantic Coast Realty General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 24 Taxes Payable EQUITY 31 Owner's Equity 32 Withdrawals REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense