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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

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 1 year ago

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