Homework Answers
Answer 1
| Date | Particulars | Amount | Amount |
| Nov-30 | Supplies Expense (3170-550) | 2620 | |
| Supplies | 2620 | ||
| (Being supplies used during the month) | |||
| Nov-30 | Depreciation Expense | 1675 | |
| Accumulated Depreciation | 1675 | ||
| (Being depreciation expense on equipment for the current year) | |||
| Nov-30 | Rent Expense | 8500 | |
| Prepaid Rent | 8500 | ||
| (Being rent expense for the current year adjusted against prepaid rent) | |||
| Nov-30 | Wages Expense | 2000 | |
| Wages Payable | 2000 | ||
| (Being wages due but not paid for November) | |||
| Nov-30 | Unearned Fees (10000-4000) | 6000 | |
| Fees Earned | 6000 | ||
| (Being adjustment entry for unearned fees balance recorded) | |||
| Nov-30 | Accounts Receivable | 5380 | |
| Fees Earned | 5380 | ||
| (Being unbilled fees accounted for) |
Answer 2
Omitting the adjustment entry for deprecation will lead to a reduction in expenses by that amount and subsequently increase the net income.
Whereas omitting the adjustment entry for unearned fees will reduce the fees earned and subsequently reduce the net income
| Fees Earned | Decrease | by $6000 |
| Depreciation Expense | Decrease | by $1675 |
| Net Income | Decrease | by $4325 |
Answer 3
| Accumulated depreciation | Decrease | by $1675 |
| Total assets | Increase | by $1675 |
| Unearned fees | Increase | by $6000 |
| Total liabilities | Increase | by $6000 |
| Owners equity | Decrease | by $4325 |
| Total liabilities and Owners equity | Increase | by $1675 |
Answer 4
Since both the omitted transcations are non cash in nature it will not have any effect on the cash flow statement
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Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $75,000 Equipment 250,000 Accumulated Depreciation—Equipment $12,000 Prepaid Rent 12,000 Supplies 3,170 Wages Payable – Unearned Fees 10,000 Fees Earned 400,000 Wages Expense 140,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: Required: Supplies on hand at November 30, $550. Depreciation of equipment during year, $1,675. Rent expired...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits $54,800 Accounts Receivable Equipment 85,000 Accumulated Depreciation - Equipment $8,440 6,900 Prepaid Rent Supplies 1,640 Wages Payable Unearned Fees 7,560 Fees Earned 320,030 Wages Expense 107,960 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $490. • Depreciation of equipment during year, $820. Rent expired during year,...
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current...
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $70,150 Equipment 108,000 Accumulated Depreciation - Equipment $10,800 Prepaid Rent 8,800 Supplies 2,100 Wages Payable _ Unearned Fees 9,680 Fees Earned 409,680 Wages Expense 138,200 Rent Expense _ Depreciation Expense _ Supplies Expense _ Data needed for year-end adjustments are as follows: Required: Supplies on hand at November 30, $630. Depreciation of equipment during year, $1,050. Rent expired...
Answer all questions please. Selected account balances before adjustment for Intuit Realty at November 30, the...
Answer all questions please. Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $76,540 Equipment 118,000 Accumulated Depreciation - Equipment $11,790 Prepaid Rent 9,600 Supplies 2,300 Wages Payable _ Unearned Fees 10,560 Fees Earned 446,990 Wages Expense 150,780 Rent Expense _ Depreciation Expense _ Supplies Expense _ Data needed for year-end adjustments are as follows: Required: Supplies on hand at November 30, $690. Depreciation of equipment during...
Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of...
Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 75,000 345,700 $112,500 9,000 3.350 Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 12,000 680,000 325,000 Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,150. • Supplies on hand at July 31. $900. Data...
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...
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....
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...
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 $ 72,900 Equipment 349,200 Accumulated Depreciation—Equipment $117,900 Prepaid Rent 8,850 Supplies 3,020 Wages Payable – Unearned Fees 13,000 Fees Earned 657,700 Wages Expense 335,800 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $10,500. • Supplies on hand at July 31,...
Journal Final Questions Instructions Selected account balances before adjustment for Alantic Coast Realty at July 31,...
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...
Chapter 3 The Adjusting Process 149 Instructions 1. Journalize the six adjusting entries required at July...
Chapter 3 The Adjusting Process 149 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? I be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? What would be the effect on...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits $54,800 Accounts Receivable Equipment 85,000 Accumulated Depreciation - Equipment $8,440 6,900 Prepaid Rent Supplies 1,640 Wages Payable Unearned Fees 7,560 Fees Earned 320,030 Wages Expense 107,960 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $490. • Depreciation of equipment during year, $820. Rent expired during year,...
Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 75,000 345,700 $112,500 9,000 3.350 Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 12,000 680,000 325,000 Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,150. • Supplies on hand at July 31. $900. Data...
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....
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...
Chapter 3 The Adjusting Process 149 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? I be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? What would be the effect on...
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