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 $ 79,500 Equipment 342.700 Accumulated Depreciation--Equipment S102.700 Prepaid Rent 9,300 Supplies 3.180 Wages Payable Uneamed Fees 14.100 Fees Earned 670.200 Wages Expense 329.600 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Unbilled fees at July 31. $10.250. Supplies on hand at July 31, 3930. Rent expired. S5.800. Depreciation of equipment during year, 58.750. Unearned fees at July 31, S2. 100. Wages accrued but not paid at July 31. 84.900 TA JOURNAL Scores 151/151 ACCOUNTING EQUATION DATE DESCO POSTRE DET OLDT ASTS LABUTI TOTY Adjusting Entries 2 Ju. 31 Accounts Receivable 10,25000 3 Fees Eamed 1025000 + Jul 31 Supplies Expense 2,250.00 225000 5 5.800.00 D Da Supplies JUL 31 Rent Expense Prepaid Rent M31 Depreciation Expense Accumulated Depreciation Equipment 5.000.00 11 175000 + 3.790.00 -13 ul. 31 Unearned Fees 12.000.00 Fees Eamed 12.000,00 Jul 31 Wages Expense +30000 Wages Payable 4,900.00 2. What would be the effect on the income statement if the adjustments for unbilled fees and ac Over/Understated Amount Fees earned Understated $ Wages expense Understated $4.900.00 Net income Understated 02 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at Over/Understated Amount Accounts receivable Understated $ Total assets Understated Wages payable $ Understated Understated Total liabilities S Retained earnings Understated Total liabilities and stockholders' equity Understated S