Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 73,000 345,500 $123,300 9,350 3,450 Accounts Receivable Equipment Accumulated Depreciation - Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 11.200 679,000 327,900 Data needed for year-end adjustments are as follows: Unbilled fees at July 31, 511,800. Supplies on hand at July 31, S1,000. Rent expired, 5,900 Depreciation of equipment during year, 9,050. Uneared fees at July 31, 52,460, Wages accrued but not paid at July 31, S4,950. . 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 foes 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 REVENUE 41 Fees Earned 42 Rent Revenue 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment 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 LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 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? Amount $11,800.00 Fees earned Wages expense Net income Over/Understated Understated Understated Understated $4,950.00 $6,850.00 Points: 6/6 Feedback Check My Work 2. Hall of the effect will occur on the income statement if there is an omission and the other halt will occur on the balance sheet. What would overstatements or understatements of net income result from? 3. What would be the effect on the balance sheet if the adjustments for unbiled fees and accrued wages were omitted at the end of the year? Over/Understated Amount Accounts receivable Understated V $11,800.00 Total assets Understated Wages payable Understated $4,950.00 Total liabilities Understated Retained earnings Understated $6,850.00 Total liabilities and stockholders' equity Understated Points: 9/12 Feedback Check My Work 3. Hall of the effect will occur on the income statement if there is an omission and the other halt will occur on the balance sheet. Regarding effects of errors on the balance sheet, the accounting equation is a guide. 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 feos and accrued wages were omitted at the end of the year? No effect