Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current ye
Posted: Wed Jul 06, 2022 6:10 am
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 1 (30.62 KiB) Viewed 12 times
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 2 (32.7 KiB) Viewed 12 times
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 3 (36.44 KiB) Viewed 12 times
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 4 (19.89 KiB) Viewed 12 times
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 5 (25.43 KiB) Viewed 12 times
- Instructions Selected Account Balances Before Adjustment For Atlantic Coast Realty At July 31 The End Of The Current Ye 6 (29.26 KiB) Viewed 12 times
Instructions . Data needed for year-end adjustments are as follows: . . Wages Expense Rent Expense . Depreciation Expense Supplies Expense Unbilled fees at July 31, $11,800. Supplies on hand at July 31, $1,000. Rent expired, $5,900. Depreciation of equipment during year, $9,050. Unearned fees at July 31, $2,460. 327,900
• Wages accrued but not paid at July 31, $4,950. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles. 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?
DATE Jul. 31 DESCRIPTION Adjusting Entries POST. REF. DEBIT CREDIT
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? Fees earned Wages expense Net income Over/Understated Understated ✔ Understated t Understated✔ $ $ Amount Points: 3/6 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?
Questions 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? Accounts receivable Total assets Wages payable Total liabilities Retained earnings Total liabilities and stockholders' equity Over/Understated Understated ✔ Understated Understated✔ Understated ✔ Understated ✔ Understated ✔ $ S Amount $73,000.00 X Points: 6/12