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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...

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