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Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance on November 3 0 , 2 0 Y 3 : Reliable
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance on November Y:
Reliable Repairs & Service
UNADJUSTED TRIAL BALANCE
November Y
ACCOUNT TITLE DEBIT CREDIT
Cash
Accounts Receivable
Supplies
Equipment
Accounts Payable
Unearned Fees
Common Stock
Retained Earnings
Dividends
Fees Earned
Wages Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
Totals
For preparing the adjusting entries, the following data were assembled:
Fees earned but unbilled on November were $
Supplies on hand on November were $
Depreciation of equipment was estimated to be $ for the year.
The balance in unearned fees represented the November receipt in advance for services to be provided. During November, $ of the services were provided.
Unpaid Wages accrued on November were $
Required:
Journalize the adjusting entries necessary on November Y
Determine the revenues, expenses, and net income of Reliable Repairs & Service before the adjusting entries.
Determine the revenues, expenses, and net income of Reliable Repairs & Service after the adjusting entries.
Determine the effect of the adjusting entries on Retained Earnings.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1Adjusting entries on November 30 20Y3 a Recognize fees earned but unbilled Debit Accounts Receivabl...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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