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Adjusting Entries Electro Repairs & Service, an electronics repair store prepared the unadjusted trail balance shown below at the end of its first year of

Adjusting Entries

Electro Repairs & Service, an electronics repair store prepared the unadjusted trail balance shown below at the end of its first year of operations.

Electro Repairs & Service

Unadjusted Trail Balance

June 30,2014

Debit Balance Credit Balance

Cash 13800

Accounts Receivable 90000

Supplies 21600

Equipment 154800

Account Payable 21000

Unearned Fees 24000

Amy Wolf Capital 162000

Amy Wolf Drawing 18000

Fees Earned 393000

Wages Expense 126000

Rent Expense 96000

Utilities Expenses 69000

Miscellaneous Expenses 10800

Totals 600000 600000

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

a. Fees earned but unbilled on June 30 were $12,700.

b. Supplies on hand on June 30 were $ 4175.

c. Depreciation of equipment was estimated to be $7400 for the year.

d. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. Only $14,200 of the services was provided between June 1 and June 30.

e.. Unpaid wages accrued on June 30, were $ 1100.

1. Journalize the adjusting entries necessary on June 30. 2014.

a. Accounts Receivable

Fees Earned

b. Supplies Expense

Supplies

c. Depreciation Expense

Accumulated Depreciation

d. Unearned Fees

Fees Earned

e. Wages Expense

Wages Payable

2. Determine the revenues, expenses, and net income of Electro Service & Repairs before the adjusting entries.

a, Revenues $ __________

b. Expenses $ __________

c. net income $_________

3. Determine the revenues, expenses, and net income of Electro Service & Repairs after the adjusting entries.

a. Revenues $ __________

b. Expenses $ __________

c. Net income $ _________

4. Determine the effect of the adjusting entries on Amy Wolf, Capital.

The capital account increasas by $ ____________ .

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