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.

UNADJUSTED TRIAL BALANCE

April 30, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	11,400.00
2	Accounts Receivable	72,600.00
3	Supplies	7,200.00
4	Equipment	112,000.00
5	Accounts Payable		12,200.00
6	Unearned Fees		19,200.00
7	Diana Keck, Capital		137,800.00
8	Diana Keck, Drawing	10,000.00
9	Fees Earned		305,800.00
10	Wages Expense	157,800.00
11	Rent Expense	55,000.00
12	Utilities Expense	42,000.00
13	Miscellaneous Expense	7,000.00
14	Totals	475,000.00	475,000.00

For preparing the adjusting entries, the following data were assembled:

a.	Supplies on hand on April 30 were $1,380.
b.	Fees earned but unbilled on April 30 were $3,900.
c.	Depreciation of equipment was estimated to be $3,000 for the year.
d.	Unpaid wages accrued on April 30 were $2,475.
e.	The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $14,140 of the services was provided between April 1 and April 30.

	Required:
1.	Journalize the adjusting entries necessary on April 30. Refer to the Chart of Accounts for exact wording of account titles.
2.	Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries.
3.	Determine the revenues, expense, and net income of Crazy Mountain Outfitters Co. after the adjusting entries.
4.	Determine the effect of the adjusting entries on Diana Keck, Capital.

Chart of Accounts

CHART OF ACCOUNTS

Crazy Mountain Outfitters Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
16	Equipment
17	Accumulated Depreciation-Equipment

	LIABILITIES
21	Accounts Payable
22	Wages Payable
23	Unearned Fees

	EQUITY
31	Diana Keck, Capital
32	Diana Keck, Drawing

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
56	Utilities Expense
59	Miscellaneous Expense

Journal

1. Journalize the adjusting entries necessary on April 30. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1		Adjusting Entries
2
3
4
5
6
7
8
9
10
11

Final Questions

2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries.

Before Adjusting Entries

1	Revenues
2	Expenses
3	Net income

3. Determine the revenues, expense, and net income of Crazy Mountain Outfitters Co. after the adjusting entries.

After Adjusting Entries

1	Revenues
2	Expenses
3	Net income

4. Determine the effect of the adjusting entries on Diana Keck, Capital.

The capital account by