Adjusting Entries Reliable Repairs and Service, an electronics repair store, pre

Question

Adjusting Entries Reliable Repairs and Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Reliable Repairs and Service Unadjusted Trial Balance April 30, 2018 Debit Credit Balances Balances Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 13,520 89,760 21,630 451,220 21,090 23,790 55,000 254,000 17,840 540,750 125,450 95,710 68,680 10,820 894,630 894,630

Explanation / Answer

Solution - 1:

Solution-2:

Solution - 3:

Solution - 4:

The effect of the adjusting entries on retained earnings is retained earnings decreases by $310 ($240,090 - $239,780)

Adjustment Enteries - Reliable Repair & Services S. No Particulars Debit Credit a. Accounts Receivable Dr $9,790.00           To Fees Earned $9,790.00 b. Supplies Expense Dr (21630 -7990) $13,640.00            To Supplies $13,640.00 c. Depreciation Expense Dr $13,520.00             To Accumlated Depreciation - Equipment $13,520.00 d. Unearned Fees Dr $18,790.00            To Fees earned $18,790.00 e. Wages Expense Dr $1,730.00          To Wages Payable $1,730.00

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