Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal Final Questions Instructions Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year are as

image text in transcribed
image text in transcribed
image text in transcribed
Journal Final Questions Instructions Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year are as foll Debits s 72.900 349200 Credits Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense S117,900 8,850 3,020 13,000 657,700 335,800 ded for year-end adjustments are as follows Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows a. Unbilled fees at July 31, $10,500 b. Supplies on hand at July 31, $900 c. Rent expired, $6,300. d. Depreciation of equipment during year, $8,650. e. Uneamed fees at July 31, $1,590 f. Wages accrued but not paid at July 31, $4,710. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented R of account titles fnt on the income statement if adjustments (a) and ( were omitt eeded for year-end adjustments are as follows Unbilled fees at July 31, $10.500 Supplies on hand at July 31. $900 expired, $6,300 t Dspreciation of equipment during year. $8,650 . Uneamed fees at July 31, $1,590 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 2. What would be the effect on the income statement if adjustments (a) and (0 were omitted at the end of the year? 3. What would be the effect on the balance sheet if adjustments (a) and (0 were omitted at the end of the year? 4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if adjustments (a) and () were omitted at the end of the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Energy Audits

Authors: Albert Thumann, Terry Niehus, William J. Younger

9th Edition

1466561629, 978-1466561625

More Books

Students also viewed these Accounting questions

Question

=+Can you take the list of suppliers?

Answered: 1 week ago