Please do explain

is this clear enough?

Adjusting Entries is what needs to be done

Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 70,300 345,500 $115,400 Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies 9,100 3,140 Wages Payable Uneamed Fees 13,700 652,200 Fees Eamed 314,300 Wages Expense Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,950. Supplies on hand at July 31, $890. Rent expired, $5,600 Depreciation of equipment during year, $8,750. Unearned fees at July 31, $2,040 Wages accrued but not paid at July 31, $4,680. . Wages accrued but not paid at July 31, $4,680. Required: 1. Journakze the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording or account titles 2. What would be the effect on the income statement if the adjustments for unbilled foes 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 foes and accrued wages 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 the adjustments for unbilled fees and accrued wages were omitted at the end of the year? CHART OF ACCOUNTS Alantic Coast Realty General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Rent EXPENSES 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Uneamed Fees 23 Wages Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 1. Journalize the six adjusting entries required at Ay 31, based on the data presented. Refer to the Chart of Accounts for exact wording of accounts How does grading work PAGE 10 JOURNAL Score: 90151 ACCOUNTING EQUATION DATE POST. REF DET CREDIT ASSETS LABILITIES EQUITY DESCRIPTION Adjusting Entries 1 2 M. 31 Supplies Expense 3 3.140.00 4 13.700.00 1 5 Supplies L. 31 Unearned Fees Equipment Jul. 31' Wages Expense Wages Payable lul. 31' Accounts Receivable 314,300.00 1 2 70,300.00 1 652,200.00 1 10 11 Fees Earned JUL 31 Depreciation Expense Accumulated Depreciation Equipment Jul 31 Rent Revenue Prepaid Rent 115.400.00 12 345,500.00 9,100.00 11 1 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? Amount Fees earned Over/Understated Overstated Overstated Overstated Wages expense $ Net Income $ 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? Over/Understated Amount Accounts receivable Total assets $ Wages payable Total liabilities Retained earnings Total liabilities and stockholders' equity $ $ $ $ Selected account balances before adjustment for Atlantic Coast Really at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 70,300 345,500 $115,400 9,100 3,140 Equipment Accumulated Depreciation-Equipment Prepaid Rent Supplies Wages Payable Uneamed Fees Fees Eamed Wages Expense Rent Expense Depreciation Expense Supplies Expense 13,700 652,200 314,300 Data needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,950 Supplies on hand at July 31, $890 Rent expired, 55,600. Depreciation of equipment during year, $8,750 Unearned fees at July 31, $2,040. Wages accrued but not paid at July 31. $4,680. Check My Work Prey Cengage eBook Calculator Show Me How ROMBxpono Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Unbilled fees at July 31. $11,950. Supplies on hand at July 31, $890. Rent expired, $5,600 Depreciation of equipment during year, $8,750. Uneamed fees at July 31, $2,040 Wages accrued but not paid at July 31, $4,680. . 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 in the adjustments for unbilled teos 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 "Net 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? Currw.. eBook Show Me How Calculator How does grading work! PAGE 10 JOURNAL Score: 10/151 ACCOUNTING EQUATION DATE POST. NE DET CREDIT ASSETS LARIS DESCRIPTION Adjusting Entries FOLI 2 3,140.00 3 3140.00 + 4 13,700.00 1 1 Ju. 31 Supplies Expense Supplies Jul 31 Uneamed Fees Equipment M. 31' Wages Expense Wages Payable Jul 31 Accounts Receivable 314300.00 7 1 70,300.00 1 652,200.00 1 50 11 Fees Earned Jul 31 Depreciation Expense Accumulated Depreciation Equipment Jul 31 Rent Revenue Prepaid Rent 115,400.00 + 17 345,500.00 15 9.100.00 1 Points: 20.46/30 Feedback