Adjusting entries

Crazy Mountain Outfitters Co$.,$ an outfitter store for fishing treks, prepared the following unadjusted trial balance on April $30,20$Y$5$:

Crazy Mountain Outfitters Co$.$

Unadjusted Trial Balance April $30,20Y5$

$\backslash$table$[[,\backslash$table$[[$Debit$],[$Balances$]],\backslash$table$[[$Credit$],[$Balances$]]],[$Cash$,14,610,],[$Accounts Receivable,$97,000,],[$Supplies$,23,370,],[$Equipment$,485,680,22,790],[$Accounts Payable,,$25,710],[$Unearned Fees,$19,280,55,000],[$Common Stock,,$277,000],[$Retained Earnings,,$],[$Dividends$,135,560,],[$Fees Earned,$103,420,],[$Wages Expense,$74,210,],[$Rent Expense,$11,690,],[$Utilities Expense,$964,820,],[$Miscellaneous Expense,,$]]$

For preparing the adjusting entries, the following data were assembled:

Supplies on hand on April $30$ were $$8,630.$

Fees earned but unbilled on April $30$ were $$10,580.$

Depreciation of equipment was estimated to be $$14,610$ for the year.

Unpaid wages accrued on April $30$ were $$1,870.$

Required:

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$2.$ Determine the revenues, expense, and net income of Crazy Mountain Outfitters Co$.$ before the adjusting entries.

Revenues $$

Expenses $$

Net income $$

$3.$ Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co$.$ after the adjusting entries.

Revenues

$$

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$2.$ Determine the revenues, expense, and net income of Crazy Mountain Outfitters Co$.$ before the adjusting entries.

Revenues $$

Expenses $$

Net income $$

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$3.$ Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co$.$ after the adjusting entries.

Revenues $$

Expenses $x$

Net income $$

$4.$ Determine the effect of the adjusting entries on Retained Earnings.

Retained Earnings $$ decreases $$ by $x.$

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$2.$ and $3.$ Remember that Revenue $-$ Expenses $=$ Net Income.

$4.$ How does net income affect Retained Earnings?

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Partially correct

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