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. 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 if the adjustments for unbilled fees 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?CHART OF ACCOUNTS Alantic 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 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 Expense1. 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.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? Over/Understated Amount Fees earned 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 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?