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Trident Repairs & Service UNADJUSTED TRIAL BALANCE November 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,210.00 2 Accounts R

12 Rent Expense 72,020.00 13 Utilities Expense 52,080.00 14 Miscellaneous Expense 8,200.00 15 Totals 445,330.00 445,330.00 Fo

Required: 1. Journalize the adjusting entries necessary on November 30, 20Y3. Refer to the Chart of Accounts for exact wordinChart of Accounts CHART OF ACCOUNTS Trident Repairs & Service General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Account

EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends

Journal Х JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCC ASSETS 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11Final Questions 2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries3. Determine the revenues, expenses, and net income of Trident Repairs & Service after the adjusting entries. After Adjusting

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Answer #1

a) Adjusting Entries

Post.Ref. Debit Credit Date Description Adjusting Entries 30-Nov-20Y3 Accounts receivable Fees earned (To record billing of u

Notes

1.Fees earned during the year should be accounted for in the same year in which it was earned, hence the fees earned of 10,190 should be accounted as receivable

2.The closing inventory balance of Supplies as on 30 Nov 20Y3 is 5,090 whereas the unadjusted trial balance shows a balance of 15,710 , hence the difference of 10,620 should be accounted as supplies consumed during the year

3.The fee received in advance account should be adjusted with the amount for which service has been provided during the year, since fees earned during the year should be accounted for in the same year in which it was earned

b) Before adjusting entries

293,940 226,460 Before Adjusting entries 1 Revenues 2 Expenses a)Wages expense b) Rent expense c) Utilities expense d) Miscel

c) After adjusting entries

319,520 248,110 After Adjusting entries 1 Revenues 2 Expenses a)Wages expense b) Rent expense c) Utilities expense d) Miscell

d) Effect on retained earnings

Retained earnings account increased by 3,930 (71,410 - 67,480)

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