Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Skylight Realty

PR 3-2B Adjusting entries

Selected account balances before adjustment for Skylight Realty at June 30, 2012, the end of the current year, are shown below.

 

Debits

Credits

Accounts Receivable

$75,000

Accumulated Depreciation

  

$12,000

Depreciation Expense

—

  

Equipment

250,000

—

Fees Earned

  

400,000

Prepaid Rent

12,000

  

Rent Expense

—

  

Supplies

3,170

  

Supplies Expense

—

  

Unearned Fees

  

10,000

Wages Expense

140,000

  

Wages Payable

    

Data needed for year-end adjustments are as follows:

a. Supplies on hand at June 30, $800.

b. Depreciation of equipment during year, $750.

c. Rent expired during year, $9,000.

d. Wages accrued but not paid at June 30, $1,700.

e. Unearned fees at June 30, $6,500.

f. Unbilled fees at June 30, $15,000.

Instructions

1. Journalize the six adjusting entries required at June 30, based on the data presented.

2. What would be the effect on the income statement if adjustments (b) and (e) were omitted at the end of the year?

3. What would be the effect on the balance sheet if adjustments (b) and (e) 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 adjustments (b) and (e) were omitted at the end of the year?

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 7.00

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