Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits $58,030 89,000 $8,940 Accounts Receivable

image text in transcribedimage text in transcribedimage text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits $58,030 89,000 $8,940 Accounts Receivable Equipment Accumulated Depreciation - Equipment Prepaid Rent Supplies Wages Payable 7,300 1,740 Unearned Fees 8,010 338,900 114,320 Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $520. Depreciation of equipment during year, $870. Rent expired during year, $5,340. Wages accrued but not paid at November 30, $1,680. Unearned fees at November 30, $3,370. Unbilled fees at November 30, $4,000 . Required: 1. Journalize the six adjusting entries required at November 30, based on the data presented, Nov. 30 30 30 1 1 1 1 1 1 I II 30 30 30 2. What would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers. Fees earned by si 30 2. What would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers. Fees earned by s Depreciation expense by se Net Income by 3. What would be the effect on the balance sheet if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers, Accumulated depreciation by s Total assets by S Unearned fees by s Total liabilities by s Owner's equity by se Total liabilities and owner's equity by 4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt

2nd Edition

1119594537, 978-1119594536

More Books

Students also viewed these Accounting questions