Question
If you could please screenshot your work and complete all of it. Thank you so much. Reliable Repairs & Service, an electronics repair store, prepared
If you could please screenshot your work and complete all of it. Thank you so much.
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:
Reliable Repairs & Service
UNADJUSTED TRIAL BALANCE
April 30, 2016
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Cash | 10,350.00 |
|
2 | Accounts Receivable | 67,500.00 |
|
3 | Supplies | 16,200.00 |
|
4 | Equipment | 116,100.00 |
|
5 | Accounts Payable |
| 15,750.00 |
6 | Unearned Fees |
| 18,000.00 |
7 | Common Stock |
| 10,000.00 |
8 | Retained Earnings |
| 111,500.00 |
9 | Dividends | 13,500.00 |
|
10 | Fees Earned |
| 294,750.00 |
11 | Wages Expense | 94,500.00 |
|
12 | Rent Expense | 72,000.00 |
|
13 | Utilities Expense | 51,750.00 |
|
14 | Miscellaneous Expense | 8,100.00 |
|
15 | Totals | 450,000.00 | 450,000.00 |
For preparing the adjusting entries, the following data were assembled:
a. | Fees earned but unbilled on April 30 were $9,850. |
b. | Supplies on hand on April 30 were $4,660. |
c. | Depreciation of equipment was estimated to be $6,470 for the year. |
d. | The balance in unearned fees represented the April 1 receipt in advance for services to be provided. During April, $15,000 of the services were provided. |
e. | Unpaid Wages accrued on April 30 were $5,200. |
Required: | |
1. | Journalize the adjusting entries necessary on April 30, 2016. Refer to the Chart of Accounts for exact wording of account titles. |
2. | Determine the revenues, expenses, and net income of Reliable Service & Repairs before the adjusting entries. |
3. | Determine the revenues, expenses, and net income of Reliable Service & Repairs after the adjusting entries. |
4. | Determine the effect of the adjusting entries on Retained Earnings. |
X
Journal
1. Journalize the adjusting entries necessary on April 30, 2016. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
---|---|---|---|---|---|
1 |
| Adjusting Entries |
|
|
|
2 |
| ||||
3 |
| ||||
4 |
| ||||
5 |
| ||||
6 |
| ||||
7 |
| ||||
8 |
| ||||
9 |
| ||||
10 |
| ||||
11 |
|
X
Final Questions
2. Determine the revenues, expenses, and net income of Reliable Service & Repairs before the adjusting entries.
Before Adjusting Entries |
1 | Revenues | |
2 | Expenses | |
3 | Net income |
3. Determine the revenues, expenses, and net income of Reliable Service & Repairs after the adjusting entries.
After Adjusting Entries |
1 | Revenues | |
2 | Expenses | |
3 | Net income |
4. Determine the effect of the adjusting entries on Retained Earnings.
The Retained Earnings account by
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started