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Adjusting Entries Selected account balances before adjustment for Intuit Realtyy at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $53,440
Adjusting Entries Selected account balances before adjustment for Intuit Realtyy at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $53,440 82,000 Equipment $8,230 6,700 Accumulated Depreciation - Equipment Prepaid Rent Supplies Wages Payable 1,600 Unearned Fees 7,370 312,090 Fees Earned Wages Expense 105,280 Rent Expense - Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $480. Depreciation of equipment during year, $800. Rent expired during year, $4,920. Wages accrued but not paid at November 30, $1,550. Unearned fees at November 30, $3,100. Unbilled fees at November 30, $3,690. Required: 1. Journalize the six adjusting entries required at November 30, based on the data presented. Nov. 30 Supplies Expense 1,120 Supplies 1,120 800 30 Depreciation Expense Accumulated Depreciation - Equipment 800 4,920 30 Rent Expense Prepaid Rent 4,920 1,550 30 Wages Expense Wages Payable 1,550 4,270 30 Unearned Fees Fees Earned 4,270 3,690 30 Accounts Receivable Fees Earned 3,690 2. What would be the effect on the income statement 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 $ 4,270 Depreciation expense understated by $ 800 Net income understated by $ 3,470 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 understated by $ 800 Total assets by $ 800 Unearned fees by $ 4,270 Total liabilities by $ 4,270 Retained earnings by $ 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
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