Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...

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Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, Debits Credits Accounts Receivable $73,000 Equipment 345,500 Accumulated Depreciation-Equipment $123,300 Prepaid Rent 9,350 Supplies 3,450 Wages Payable Uneamed Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,800. . Supplies on hand at July 31, $1,000. Rent expired, $5,900. Depreciation of equipment during year, $9,050. Uneamed fees at July 31, $2,460. . Wages accrued but not paid at July 31, $4,950. 11,200 679,000 327,900 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do automatically indent a credit entry when a credit amount is entered DATE = DESCRIPTION Adjusting Entries JOURNAL PAGE 10 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Final Questions 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? Fees earned Wages expense Net income Over/Understated Amount 3what w mat would be the effect on the balance sheet if the adjustments for unbited fees and accrued wages were omitted at the end of the year? Accounts receivable Total assets Wages payable Total abbes Owner's equity Over/Understated 15 S Amount Total liabilities and owner's equity What would be the effect on the "et 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 Atlantic Coast Realty General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 24 Taxes Payable REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Owner's Equity 32 Withdrawals Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, Debits Credits Accounts Receivable $73,000 Equipment 345,500 Accumulated Depreciation-Equipment $123,300 Prepaid Rent 9,350 Supplies 3,450 Wages Payable Uneamed Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,800. . Supplies on hand at July 31, $1,000. Rent expired, $5,900. Depreciation of equipment during year, $9,050. Uneamed fees at July 31, $2,460. . Wages accrued but not paid at July 31, $4,950. 11,200 679,000 327,900 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do automatically indent a credit entry when a credit amount is entered DATE = DESCRIPTION Adjusting Entries JOURNAL PAGE 10 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Final Questions 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? Fees earned Wages expense Net income Over/Understated Amount 3what w mat would be the effect on the balance sheet if the adjustments for unbited fees and accrued wages were omitted at the end of the year? Accounts receivable Total assets Wages payable Total abbes Owner's equity Over/Understated 15 S Amount Total liabilities and owner's equity What would be the effect on the "et 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 Atlantic Coast Realty General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 24 Taxes Payable REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Owner's Equity 32 Withdrawals