PR 3-2A Adjusting entries

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 $ 75,000

Equipment 345,700

Accumulated DepreciationEquipment $112,500

Prepaid Rent 9,000

Supplies 3,350

Wages Payable

Unearned Fees 12,000

Fees Earned 660,000

Wages Expense 325,000

Rent Expense

Depreciation Expense

Supplies Expense

Data needed for year-end adjustments are as follows:

Unbilled fees at July 31, $11,150.

Supplies on hand at July 31, $900.

Rent expired, $6,000.

Depreciation of equipment during year, $8,950.

Unearned fees at July 31, $2,000.

Wages accrued but not paid at July 31, $4,840.

Instructions

1. Journalize the six adjusting entries required at July 31, based on the data presented.