Question
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Trident Repairs
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,550.00 2 Accounts Receivable 67,990.00 3 Supplies 16,140.00 4 Equipment 113,140.00 5 Accounts Payable 16,230.00 6 Unearned Fees 17,950.00 7 Common Stock 9,500.00 8 Retained Earnings 109,270.00 9 Dividends 13,430.00 10 Fees Earned 294,730.00 11 Wages Expense 94,500.00 12 Rent Expense 72,100.00 13 Utilities Expense 51,560.00 14 Miscellaneous Expense 8,270.00 15 Totals 447,680.00 447,680.00 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on November 30 were $10,110. Supplies on hand on November 30 were $4,650. Depreciation of equipment was estimated to be $6,490 for the year. The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November, $14,910 of the services were provided. Unpaid Wages accrued on November 30 were $4,960. Required: 1. Journalize the adjusting entries necessary on November 30, 20Y3. Refer to the Chart of Accounts for exact wording of account titles. 2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries. 3. Determine the revenues, expenses, and net income of Trident Repairs & Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Retained Earnings.
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