Answer Happy

Adjusting Entries
Reliable Repairs and Service, an electronics repair store,
prepared the following unadjusted trial balance at the end of its
first year of operations:
For preparing the adjusting entries, the following data were
assembled:
Required:
Question Content Area
1. Journalize the adjusting entries
necessary on April 30, 2018.
Accounts PayableAccounts ReceivableCashFees EarnedFees
ExpenseFees PayableUnearned FeesAccounts Receivable
Accounts PayableAccounts ReceivableCashFees EarnedFees
ExpenseFees PayableUnearned FeesFees Earned
Accounts PayableCashSuppliesSupplies ExpenseSupplies
PayableSupplies RevenueSupplies ReceivableSupplies Expense
Accounts PayableCashSuppliesSupplies ExpenseSupplies
PayableSupplies RevenueSupplies ReceivableSupplies
Accounts PayableAccumulated Depreciation-EquipmentDepreciation
ExpenseDepreciation PayableEquipment ExpenseEquipmentEquipment
PayableDepreciation Expense
Accounts PayableAccumulated Depreciation-EquipmentDepreciation
ExpenseEquipment ExpenseEquipmentEquipment PayableAccumulated
Depreciation-Equipment
Accounts PayableAccounts ReceivableCashFees EarnedFees
ExpenseFees PayableUnearned FeesUnearned ReceivableUnearned
Fees
Accounts PayableAccounts ReceivableCashFees EarnedFees
ExpenseFees PayableUnearned FeesFees Earned
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWages
ReceivableWages RevenueWages Expense
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWages
ReceivableWages RevenueWages Payable
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1. Keep in mind that you will be making an adjusting entry for
each of these that affects at least one income statement account
(revenue or expense) and one balance sheet account (asset or
liability). As you go through each of these, consider both sides of
the transaction that results in an adjusting entry and identify
related accounts. Remember, four different categories of adjusting
entries include prepaid expenses (deferred expenses), unearned
revenues (deferred revenues), accrued expenses (accrued
liabilities), and accrued revenues (accrued assets) plus the
adjustment for depreciation expense.
Learning Objective 2, Learning Objective 3, Learning
Objective 4 and Learning Objective 5.
Question Content Area
2. Determine the revenues, expenses, and
net income of Reliable Repairs and Service before the adjusting
entries.
3. Determine the revenues, expenses, and
net income of Reliable Repairs and Service after the adjusting
entries.
4. Determine the effect of the adjusting
entries on Retained Earnings.
Retained Earnings
by $fill in the blank