Question

Calculator Instruction Chart of Accounts General Journal Final Question Instruction REM Consulting is completing the accounting information processing at the end of the fiscal year, December 31. The following trial balances are available Accounts Unadjusted Trial Adjusted Trial Debit Credit Debit Credit Cash 13,000 13,000 Accounts Receivable 1,500 1,800 Prepaid Insurance 600 200 Supplies 3,800 3,000 Machines 30,000 30,000 Accumulated Depreciation 12,000 17,500 Wages Payable 900 Uneamed Fees 6,700 6,500 Common stock 24,000 24,000 Dividends 4.800 4,800 Fees Earned 25,000 25,500 Prev

Answer 1

Entries:

Particulars	Dr	Cr
Accounts receivable	$300
Fees earned		$300
(Sales made on account to customers)
Insurance expense	$400
Prepaid insurance		$400
(Expired insurance recorded as expense)
Supplies expense	$800
Supplies		$800
(Supplies used recorded)
Depreciation expense	$5,500
Accumulated depreciation		$5,500
(Depreciation expense recorded)
Wages expense	$900
Wages payable		$900
(Accrued wages recorded)
Unearned fees	$200
Fees earned		$200
(Unearned fees recorded)

Net Income statement

Particulars	Amount
Fees revenue	$25,500
Less:
Insurance expense	$400
Supplies expense	$800
Depreciation expense	$5,500
Wages expenses	$14,900
Net Income	$3,900