Selected account balances before adjustment for Intuit Realty at November 30, th

Question

Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow:

Data needed for year-end adjustments are as follows:

Required:

Supplies on hand at November 30, $510.

Depreciation of equipment during year, $850.

Rent expired during year, $5,220.

Wages accrued but not paid at November 30, $1,650.

Unearned fees at November 30, $3,290.

Unbilled fees at November 30, $3,920.

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

2. What would be the effect on the income statement if the adjustments for equipment depreciation and unearned fees were omitted at the end of the year? Enter all amounts as positive numbers.

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Debits Credits Accounts Receivable $56,780 Equipment 88,000 Accumulated Depreciation - Equipment $8,740 Prepaid Rent 7,200 Supplies 1,700 Wages Payable _ Unearned Fees 7,840 Fees Earned 331,600 Wages Expense 111,860 Rent Expense _ Depreciation Expense _ Supplies Expense _

Explanation / Answer

1) Journal Entries ;

2) Income statement :

DAte Accounts Titles and explanation Debit $ Credit $ Nov 30 Supplies Expense 1190 Supplies 1190 (1700 - 510) Nov 30 Depreciation 850 Acc. Depreciation - equipment 850 Nov 30 Rent Exp. 5220 Prepaid Rent 5220 Nov 30 Wages expense 1650 Wages payable 1650 Nov 30 Unearned Fees 4550 Fees earned 4550 (7840 - 3290) Nov 30 Accounts Receivable 3920 Fees Earned 3920

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