Instructions Selected account balance before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 73,600 346,600 $107.000 Accounts Receivable Equipment Accumulated Depreciation -- Equipment Prepaid Rent Supplies Wagen Payable 8,550 3,090 Uneamed Fees 11,000 672.400 Fees Eamed 337,500 Wages Expense Rent Expenso Depreciation Expense Supplies Expenso Data needed for year-end adjustments are as follows: Unbited for at July 31, $10.250 Supplen on hand at July 21, 5710. Rent expired, 55,700 Decreation of equipment during year. $9.500 Uneared toes at July 31, 82,340 Wages accrued but not paid at July 31. 54,700. Required: 1. Journate the six acusting entries required at uy 31, based on the data presented. Horder to the Chart of Accounts for exact wording or accounts 2. What would be the effect on the income statement in the adjustments for unbilledfoes and aconued wages were omitted at the end of the years 3. What would be the effect on the balance sheet it the adjustments for unbilledfees and accrued wages were omitted at the end of the year? 4. What would be the effect on the "Not increase or decrease in cash' on the statement of cash flows if the adjustment for unbilledfoo and accrued wages were amitted at the end of the year? Adjusting entries Instructions Chart of Accounts Journal Final Questions Chart of Accounts CHART OF ACCOUNTS Alantic Coast Realty General Ledger ASSETS REVENUE 41 Foes Earned 42 Rent Revenue 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Equipment 17 Accumulated Depreciation Equipment EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Uilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Uneamed Foos 23 Wages Payable 24 Taxes Payable EQUITY 31 Owner's Equity 32 Withdrawals Adjusting entries Instructions Chart of Accounts Journal Final Questions Journal 1. Joumalize the six adjusting entries required at uy 31, based on the data presented. Moser to the Chart of Accounts for exact wording of account ttles PAGE 10 JOURNAL ACCOUNTING EQUATION POSTRE DET CREDIT DATE ASSETS EQUITY LIABILITIES DESTION Adjusting Entries 2 1 1 12 Final Questions 2. What would be the aflect on the income statement the comments for anbied her and somand wages were om med at the end of the year? Over/Understated Amount Foes eamed s Wages expense S Net income 3. What would be the car is balance sheet naistents to united fee and cord we were one at the end of the year? Ownerstad Amount $ S Aceable Total Wiges payable Total Owner's Totals and owner's What the fact on these incalon me for cash flow the and cord were the end of your
