Instructions Selected account balances before adjustment for Atlantic Coast Really at July 31, the end of the current year, are as follows: Debits Credits $77,000 349,900 $113,200 8,800 3,480 Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 11,400 655,600 327,900 Data needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,400 Supplies on hand at July 31, $1,090, Unbilled fees at July 31, 511,400 Supplies on hand at July 31, $1,090. Rent expired, 55,950 Depreciation of equipment during year, 58,900. Unearned fees at July 31, 52,260. Wages accrued but not paid at July 31, 54,920. 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 fees 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 adjustments for unbilled fees and accrued wages were omitted at the end of the year? Shaded cells have fee Journal 1 Journaise the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account ines Question not attempted. Score: 0V151 ACCOUNTING EQUATION JOURNAL ASSETS LILITIES EQUITY CHINT DERIT POST. RER DATE DESCRIPTION Adjusting Entries 1 2 3 4 5 2 3 10 17 Previous Next 2. What would be the effect on the income statement of the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Amount Fees earned Wages expense Over/Understated Understated Understated Understated s $ Points Net income Feedback 3. What would be the effect on the balance sheet if the adjustments for unbiled fees and accrued wages were omitted at the end of the year? Amount S Accounts receivable Total assets Wages payable Total liabilities Over/Understated Understated Understated Understated Understated Understated Understated S S S Owner's equity Total liabilities and owner's equity Previc