Please help me with my last (long) Accounting question! Thank you
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 10,210.00 2 Accounts Receivable 67,660.00 3 Supplies 15,710.00 4 Equipment 111,420.00 5 Accounts Payable 15,920.00 6 Unearned Fees 17,840.00 7 Common Stock 8,500.00 8 Retained Earnings 109,130.00 9 Dividends 13,870.00 10 Fees Earned 293,940.00 11 Wages Expense 94,160.00 12 Rent Expense 72,020.00 13 Utilities Expense 52,080.00 14 Miscellaneous Expense 8,200.00 15 Totals 445,330.00 445,330.00 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on November 30 were $10,190. Supplies on hand on November 30 were $5,090. Depreciation of equipment was estimated to be $6,110 for the year. The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November, $15,390 of the services were provided. Unpaid Wages accrued on November 30 were $4,920. Required: 1. Journalize the adjusting entries necessary on November 30, 20Y3. 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. Chart of Accounts CHART OF ACCOUNTS Trident Repairs & Service General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Equipment 51 Wages Expense 15 Accumulated Depreciation-Equipment 52 Rent Expense 53 Supplies Expense LIABILITIES 54 Depreciation Expense 21 Accounts Payable 56 Utilities Expense 22 Wages Payable 59 Miscellaneous Expense 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Journal 1. Journalize the adjusting entries necessary on November 30, 20Y3. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 1 2 3 4 5 6 7 9 10 11 Final Questions 2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries. Before Adjusting Entries 1 Revenues 2 Expenses 3 Net income 3. Determine the revenues, expenses, and net income of Trident Repairs & Service after the adjusting entries. After Adjusting Entries 1 Revenues 2 Expenses 3 Net income 4. Determine the effect of the adjusting entries on Retained Earnings. The Retained Earnings account by $
