Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Jun 2017 My Price 13.00

Adjusting entries

Adjusting entries

Selected account balances before adjustment for Heartland Realty at August 31, 2014, the end of the current year, are as follows:

 

 

Debits

Credits

Accounts Receivable

$ 80,000

  

Equipment

150,000

  

Accumulated Depreciation - Equipment

  

$28,000

Prepaid Rent

6,000

  

Supplies

3,000

  

Wages Payable

    

Unearned Fees

10,500

Fees Earned

410,000

Wages Expense

190,000

  

Rent Expense

  

Depreciation Expense

  

Supplies Expense

  

 

 

Data needed for year-end adjustments are as follows:

a. Unbilled fees at August 31, $9,150.

b. Supplies on hand at August 31, $675.

c. Rent expired, $5,000.

d. Depreciation of equipment during year, $3,300.

e. Unearned fees at August 31, $3,000.

f. Wages accrued but not paid at August 31, $3,100.

 

 

Instructions

1. Journalize the six adjusting entries required at August 31, based on the data presented.

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

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

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jun 2017 07:06 PM My Price 13.00

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