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Instructions Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Trident
Instructions Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 2 Accounts Receivable 67,500.00 3 Supplies 16,200.00 Equipment 116,100.00 5 Accounts Payable 25,750.00 6 Unearned Fees 18,000.00 Common Stock 50,000.00 Retained Earnings 111,500.00 # Dividends 13,500.00 10 Fees Earned 294,750.00 11 Wages Expense 12 Rent Expense Utilities Exsense 124,500.00 92,000.00 51.750.00 12 Rent Expense 13 Utilities Expense 92,000.00 51,750.00 8,100.00 14 Miscellaneous Expense 15 Totals 500,000.00 500,000.00 For preparing the adjusting entries, the following data were assembled; Fees earned but unbilled on November 30 were $7,000. Supplies on hand on November 30 were $1,300. Depreciation of equipment was estimated to be $7,200 for the year. The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November, $13,500 of the services were provided. Unpaid wages accrued on November 30 were $4,800. Required: 1. Journalize the adjusting entries necessary on November 30, 2013. Refer to the Chart of Accounts for exact wording of account titles 2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries 3. Determine the revenues, expenses, and net income of Trident Repairs & Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Retained Earnings. annan militareinament/takeAssianmentMain.do?inprogress=true
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