Question

In: Accounting

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 $76,750
Equipment 118,000
Accumulated Depreciation - Equipment $11,820
Prepaid Rent 9,700
Supplies 2,300
Wages Payable _
Unearned Fees 10,590
Fees Earned 448,220
Wages Expense 151,200
Rent Expense _
Depreciation Expense _
Supplies Expense _
Data needed for year-end adjustments are as follows:
Supplies on hand at November 30, $690.
Depreciation of equipment during year, $1,150.
Rent expired during year, $7,060.
Wages accrued but not paid at November 30, $2,230.
Unearned fees at November 30, $4,450.
Unbilled fees at November 30, $5,300.
Required:
1. Journalize the six adjusting entries required at November 30, based on the data presented.
Nov. 30

30

30

30

30

30

2. What would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers.
Fees earned
by $
Depreciation expense
by $
Net income
by $
3. What would be the effect on the balance sheet if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers.
Accumulated depreciation
by $
Total assets
by $
Unearned fees
by $
Total liabilities
by $
Owner's equity
by $
Total liabilities and owner's equity
by $
4. What would be the effect on the “Net increase or decrease in cash” on the statement of cash flows if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

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 $52,000 Equipment 80,000 Accumulated Depreciation - Equipment $8,010 Prepaid Rent 6,600 Supplies 1,560 Wages Payable _ Unearned Fees 7,180 Fees Earned 303,680 Wages Expense 102,440 Rent Expense _ Depreciation Expense _ Supplies Expense _ Data needed for year-end adjustments are as follows: Required: Supplies on hand at November 30, $470. Depreciation of equipment during year, $780....
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 $ 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: a. Supplies on hand at November 30, $550. b. Depreciation The systematic periodic transfer of the cost...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, 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: a. Unbilled fees at July 31, $11,150. b. Supplies on hand at July...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year, are as follows: Debits Credits (debits) Accounts Receivable $ 75,000 (debits) Equipment 345,700 (credit) Accumulated Depreciation—Equipment $112,500 (debits) Prepaid Rent 9,000 (debits) Supplies 3,350 (credit) Wages Payable – (credit) Unearned Fees 12,000 (credit) Fees Earned 660,000 (debits) Wages Expense 325,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: a. Unbilled fees at...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year, are as follows: Debits Credits Accounts Receivable $73,600 Equipment 346,600 Accumulated Depreciation—Equipment $107,000 Prepaid Rent 8,550 Supplies 3,090 Wages Payable – Unearned Fees 11,000 Fees Earned 672,400 Wages Expense 337,500 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: a. Unbilled fees at July 31, $10,250. b. Supplies on hand at July 31,...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of...
Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, 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: a. Unbilled fees at July 31, $11,150. b. Supplies on hand at July...
please make sure complete all the parts of the questions Adjusting Entries Selected account balances before...
please make sure complete all the parts of the questions Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $66,980 Equipment 103,000 Accumulated Depreciation - Equipment $10,310 Prepaid Rent 8,400 Supplies 2,010 Wages Payable _ Unearned Fees 9,240 Fees Earned 391,160 Wages Expense 131,950 Rent Expense _ Depreciation Expense _ Supplies Expense _ Data needed for year-end adjustments are as follows: Required: Supplies on hand...
The balance in the prepaid insurance account, before adjustment at the end of the year, is...
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $20,250. * Insurance expense = $20,250 * Prepaid Insurance = ? b. The amount of unexpired insurance applicable to future periods is $6,750. * Insurance expense = ? * Prepaid Insurance = $20,250
Adjusting entries – deferrals: The ledger of Comfort realty on March 31, 2018 includes following selected...
Adjusting entries – deferrals: The ledger of Comfort realty on March 31, 2018 includes following selected accounts before the adjusting entries. Debit Credit Prepaid Insurance 3,600 Office supplies 2,800 Office equipment 25,000 Accumulated Depreciation – office equipment 5,000 Unearned revenue 9,200 An analysis of the account shows the following: Insurance expires at rate of $100 per month Supplies on hand total $800 The office equipment depreciates $200 per month One-half of the unearned revenue was earned in March Prepare the...
The following information concerns the adjusting entries to be recorded on November 30, 2017, for RaiLink's...
The following information concerns the adjusting entries to be recorded on November 30, 2017, for RaiLink's year just ended. a. The Office Supplies account started the year with a $5,200 balance. During 2017, the company purchased supplies at a cost of $25,200, which was added to the Office Supplies account. The inventory of supplies on hand at November 30 had a cost of $6,700. b. An analysis of the company’s insurance policies provided these facts: Policy Date of Purchase Years...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT