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Journal Final Questions Instructions Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year are as foll Debits s 72.900 349200 Credits Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense S117,900 8,850 3,020 13,000 657,700 335,800 ded for year-end adjustments are as follows
Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows a. Unbilled fees at July 31, $10,500 b. Supplies on hand at July 31, $900 c. Rent expired, $6,300. d. Depreciation of equipment during year, $8,650. e. Uneamed fees at July 31, $1,590 f. Wages accrued but not paid at July 31, $4,710. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented R of account titles fnt on the income statement if adjustments (a) and ( were omitt
eeded for year-end adjustments are as follows Unbilled fees at July 31, $10.500 Supplies on hand at July 31. $900 expired, $6,300 t Dspreciation of equipment during year. $8,650 . Uneamed fees at July 31, $1,590 Required 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording 2. What would be the effect on the income statement if adjustments (a) and (0 were omitted at the end of the year? 3. What would be the effect on the balance sheet if adjustments (a) and (0 were omitted at the end of the year? 4. What would be the effect on the Net increase or decrease in cash on the statement of cash flows if adjustments (a) and () were omitted at the end of the year?
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Answer #1
Adjusting Journal entries
Date Account Titles Ref. Debit ($) Credit ($)
(A) Accounts Receivable $ 10,500
Fees Earned $ 10,500
(B) Supplies Expense $ 2,120
Supplies $ 2,120
(C) Rent Expense $ 6,300
Prepaid Rent $ 6,300
(D) Depreciation Expense - Equipment $ 8,650
Accumulated Depreciation - Equipment $ 8,650
(E) Unearned Fees $ 11,410
Fees Earned $ 11,410
(F) Wages Expense $ 4,710
Wages Payable $ 4,710

b) Income Heh umet f (a) Dvzase in fees arned in Revenue over all (c) Decrease tn ense (d Decale in Expense e) Decease n Revenue (4) Delta se twexpense. Honld Increase () Balance sheal ffect Co Inerente in Cament Assets t) Cash lon tatement Effeck there honld not be auy ffect as becaus renie ene dore

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