SHOW ME HOW EXCHA TEMPLATE PR 3-1A Adjusting entries Obj. 2, 3, 4 On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty The supplies account balance on March 31 is $5,620. The supplies on hand on March 31 are $1,290 The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants Wages accrued but not paid at March 31 are $2,290, Fees accrued but unbilled at March 31 are $16,825 Depreciation of office equipment is $4,600 Instructions 1. Journalize the adjusting entries required at March 31, SHOW ME HOW PR 3-2A Adjusting entries 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 Depreciation--Equipment $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, 84840 Instructions 1. Journalize the six adjusting entries required at July 31, based on the data presented 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