- Adjusting Entries Instructions Chart Of Accounts Journal Final Questions Instructions Selected Account Balances Before A 1 (35.32 KiB) Viewed 12 times
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Data needed for year end adjustments are as follows Unbilled foes at July 31, $11.400 • Supplies on hand at July 31, $1,090 Rent expired, $5,950 • Decreciation of equipment during year $8.900 • Uneamed fees at July 31, $2.200 Wages accrued but not paid at July 31, $4,920 Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 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? 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages 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 the adjustments for unbilled fees and accrued wages were omitted at the end of the year?
Instructions Final Questions 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? Over/Understated Amount Fees eamed $ $ Wages expense Net income 3. What would be the effect on the balance sheet if the adjustments for unbiled fees and accrued wages were omitted at the end of the year? Over/Understated Amount Accounts receivable $ Total assets $ Wages payable 5 Total labbes $ Owner's equity Total abilities and owner's equity $
What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?
Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions 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 Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Eamed Wages Expense Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows $77,000 349,900 8,800 3.480 327,900 $113,200 11,400 655,600
Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions Data needed for year-end adjustments are as follows Unbilled fees at July 31, $11,400 • Supplies on hand at July 31, $1,090 Rent expired, $5,060 Depreciation of equipment during year, $8,900 Uneamed fees at July 31, $2,260 Wages accrued but not paid at July 31, $4,920 Required: Refer to the chart of accounts for the exact wording of the 1. Joumalize the six adjusting entries required at July 31, based on the data presented account titles CNOW journals do not use lines for journal explanations Every line a journals will automatically indent a credit entry when a credit amount is entered a joumal page is used for debit or credit entries CNOW 2. What would be the effect on the income statement of the adjustments for unbilled fees and accrued wages were omitted at the end of the year? 3 What would be the effect on the balance sheet of the adjustments for unbilled fees and accrued wages 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 of the adjustments for unbilled fees and accrued wages were omitted at the end of the year?
Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions Final Questions 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? Over/Understated Amount Fees earned Wages expense Net income 3 What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Over/Understated Amount Accounts receivable Total assets Wages payable Total abilities Owner's equity Total liabilities and owner's equity $ $
Total liabilities and owner's equity 4 What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Previous