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Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $76,230
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $76,230 Equipment 118,000 Accumulated Depreciation - Equipment $11,740 Prepaid Rent 9,600 Supplies 2,290 Wages Payable Unearned Fees 10,520 Fees Earned 445,180 Wages Expense 150,170 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $690. Depreciation of equipment during year, $1,140. Rent expired during year, $7,010. Wages accrued but not paid at November 30, $2,210. Unearned fees at November 30, $4,420. Unbilled fees at November 30, $5,260. Required: 1. Journalize the six adjusting entries required at November 30, based on the data presented. If an amount box does not require an entry, leave it blank. Nov. 30 Accounts Payable Supplies . 30 30 30 30 30 2. What would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers. Fees earned Understated by $ Depreciation expense Overstated by $ Net income by $1 3. What would be the effect on the balance sheet if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers. Accumulated depreciation by $ Total assets by $ Unearned fees by $ Total liabilities Understated by $ Owner's equity by $ Total liabilities and owner's equity by $ 4. What would be the effect on "Net increase or decrease in cash" on the statement of cash flows if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Overstated Owner's equity by $ Total liabilities and owner's equity by $ 4. What would be the effect on "Net increase or decrease in cash" on the statement of cash flows if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year
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