Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, Debits Credits $ 70,300 345,500 $115,400 9,100 3,140 Accounts Receivable Equipment Accumulated Depreciation-Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 13,700 652,200 314,300 Data needed for year-end adjustments are as follows. Unbilled fees at July 31, $11,950 Supplies on hand at July 31, $890. Rent expired, $5,600 . Data needed for year-end adjustments are as follows: Unbilled fees at July 31, 511,950, Supplies on hand at July 31, $890 Rent expired $5.000 Depreciation of equipment during year, $3,750 Uneared fees at July 31, 82,040 Wages accrued but not paid at July 31 $4,680 - Required: 1 Joumalize the seadusting 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 unbied toes 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 "Met increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and acred 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 Theck My Work General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 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 1 Journize the six adjusting entries required at July 31, based on the data presented Refer to the Chart of Accounts for exact wording of wocountles AGE 10 JOURNAL ACTIE ASSETS LIS CREDIT BUTY DATE POST.EE DESCRIPTION DEBIT Adjusting Entries 2 Wit would be the effect on the income statement the adjustments for an uiled Pets and accrued wagters were created at the end of the years Over/Understated Amount Fees camned Wages expense Net income 3. What would be the effect on the balance sheet the dustments for unbited foes and accwd wages were omitted at the end of the year) Over/Understated Amount Accounts receivable Total Wages payable Tot a Retained cars Totes and stockholders equity $ What would be the effect on the Net in case or decrease in calon the statement of cash flows the adjustments for anbied fex and accrued we were there the Previous Nand