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answer the following questions as they are both related A and B 1. Ellis Company accumulates the following adjustment data at December 31. 1. Fees
answer the following questions as they are both related A and B
1. Ellis Company accumulates the following adjustment data at December 31. 1. Fees of $800 collected in advance have been earned. 2. Salaries of $600 are unpaid. 3. Prepaid rent totalling $450 has expired. 4. Supplies of $550 have been used. 5. Fees earned but unbilled total $750. 6. Utility expenses of $200 are unpaid. 7. Interest of $250 has accrued on a note payable. 8. Amortization of office equipment is $300. Instructions [App/16+3 marks] (a) For each of the above items indicate the adjusting entry. (b) Assume net income before the adjustments listed above was $16,500. What is the adjusted net income Step by Step Solution
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