eBook Show Me How Print Item tructions lected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $70,300 Equipment 345,500 Accumulated Depreciation-Equipment $115,400 Prepaid Rent 9,100 Supplies 3,140 Wages Payable Uneamed Fees Fees Earned Wages Expense 13,700 652.200 314.300 Rent Expense Depreciation Expense Supplies Expense 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 Over/Understated Amount $ S 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? needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,950 -Supplies on hand at July 31, $890 Rent expired, $5,600. Depreciation of equipment during year, $8,750. Unearned fees at July 31, $2,040. -Wages accrued but not paid at July 31, $4,680. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented 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? Accounts receivable Total assets Wages payable Total liabilities Retained earnings Total liabilities and stockholders' equity Over/Understated $ S Amount 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 w Check My Work 1 more Check My Work uses remaining All work saved. 600 Selected account balances b x Previous Next
eBook Show Me How Print Item tructions lected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $70,300 Equipment 345,500 Accumulated Depreciation-Equipment $115,400 Prepaid Rent 9,100 Supplies 3,140 Wages Payable Uneamed Fees Fees Earned Wages Expense 13,700 652.200 314.300 Rent Expense Depreciation Expense Supplies Expense 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 Over/Understated Amount $ S 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? needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,950 -Supplies on hand at July 31, $890 Rent expired, $5,600. Depreciation of equipment during year, $8,750. Unearned fees at July 31, $2,040. -Wages accrued but not paid at July 31, $4,680. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented 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? Accounts receivable Total assets Wages payable Total liabilities Retained earnings Total liabilities and stockholders' equity Over/Understated $ S Amount 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 w Check My Work 1 more Check My Work uses remaining All work saved. 600 Selected account balances b x Previous Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
not use ai please don't
Transcribed Image Text:eBook
Show Me How
Print Item
tructions
lected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows:
Debits
Credits
Accounts Receivable
$70,300
Equipment
345,500
Accumulated Depreciation-Equipment
$115,400
Prepaid Rent
9,100
Supplies
3,140
Wages Payable
Uneamed Fees
Fees Earned
Wages Expense
13,700
652.200
314.300
Rent Expense
Depreciation Expense
Supplies Expense
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
Over/Understated
Amount
$
S
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?
needed for year-end adjustments are as follows:
Unbilled fees at July 31, $11,950
-Supplies on hand at July 31, $890
Rent expired, $5,600.
Depreciation of equipment during year, $8,750.
Unearned fees at July 31, $2,040.
-Wages accrued but not paid at July 31, $4,680.
Required:
1. Journalize the six adjusting entries required at July 31, based on the data presented
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?
Accounts receivable
Total assets
Wages payable
Total liabilities
Retained earnings
Total liabilities and stockholders' equity
Over/Understated
$
S
Amount
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 w
Check My Work 1 more Check My Work uses remaining
All work saved.
600
Selected account balances b x
Previous
Next
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education