Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $72,610

image text in transcribedimage text in transcribedimage text in transcribed

Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $72,610 112,000 Equipment Accumulated Depreciation-Equipment $11,190 Prepaid Rent 9,200 2,180 Supplies Wages Payable Unearned Fees 10,020 424,220 Fees Earned Wages Expense 143,100 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $650. Depreciation of equipment during year, 51,090. Rent expired during year, $6,680. Wages accrued but not paid at November 30, S2, 110. . Unearned fees at November 30, $4,210. Unbilled fees at November 30, $5,010. 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. | Me 30 , DDDDDDD DON 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. 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 by $ by Depreciation expense Net income by 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 Unearned fees Total liabilities Retained earnings by s Total liabilities and stockholders' equity by $ 4. What would be the effect on the 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions