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eBook Show Me How Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions Selected account balances botore adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 74,600 Equipment 348,900 Accumulated Depreciation --Equipment $112.600 Prepaid Rent 9,200 Supplies 3,200 Wages Payable Unearned Fees 14.400 Fees Eamed 679,600 Wages Expense 338,800 Instructions Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Unbilledfees at July 31, $10,650. Supplies on hand at July 31, 51,100 Rent expired. 56,350 Dereciation of equipment during yoar, $8,550 Unearned fees at July 31, $2,120. Wages accrued but not paid at July 31, $4,890. Instructions Unearned fees at July 31, $2,120. Wages accrued but not paid at July 31, 4,890. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles 2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? 3. What would be the effect on the balance sheet if the adjustments for unbilled toes and accrued wages were ornitled at the end of the year? 4. What would be the effect on the Wet increase or decrease in cash" on the statement of cash Nows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions Chart of Accounts Journal 1. Journize the six adjusting entries required at JW 31, based on the data presented. Ritter to the Chart of Accounts for exact wording of accounties, JOURNAL ACCOUNTING DATE POST. REE DESCRIPTION Adjusting Entries DET CREDIT ASSETS LIABILIT 2 3 Adjusting entries Instructions Chart of Accounts Journal Final Questions II Final Questions 2 What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Over/Understated Amount Fees earned S Wages expense Net Income S 3. What would be the effect on the balance sheet if the adjustments for unbilled teos and accrued wages were omitted at the end of the year? Over/Understated Amount Accounts receivable Final Questions 3. What would be the effect on the balance sheer the adjustments for unbilied foos and accrued wages were omitted at the end of the year? Over/Understated Amount S $ Accounts receivable Total assets Wages payable Total liabilities Aetained earnings Total liabilities and stockholders'equity > > S $ $ 4. What would be the effect on the "Wer increase or decrease in cash on the statement of cash flows if the adjustments for unbilled foes and accrued wages were omitted at the end of the year