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Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations
Mountain Outfitters Co. Unadjusted Trial Balance April 30, 2015 Debit Credit Balances Balances Cash 13,670 Accounts Receivable 90,800 21,880 Supplies Equipment 461,860 Accounts Payable 21,330 Unearned Fees 24,070 Common Stock 55,000 Retained Earnings 263,000 Dividends 18,050 Fees Earned 546,960 Wages Expense 126,890 Rent Expense 96,810 Utilities Expense 69,460 Miscellaneous Expense 10,940 910,360 910,360 . For preparing the adjusting entries, the following data were assembled: Supplies on hand on April 30 were $8,080. Fees earned but unbilled on April 30 were $9,900. Depreciation of equipment was estimated to be $13,670 for the year. Unpaid wages accrued on April 30 were $1,750. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $19,020 of the services was provided between April 1 and April 30. . Required: 1. Journalize the adjusting entries necessary on April 30, 20Y5. If an amount box does not require an entry, leave it blank. Apr. 30 30 30 30 30 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. Revenues $ Expenses Net income 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. Revenues $ Expenses Net income 4. Determine the effect of the adjusting entries on Retained Earnings. Retained Earnings by $Step by Step Solution
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