Obj. 2, 3, 4, 5 Selected account balances before adjustment for Atlantic Coast R

Question

Obj. 2, 3, 4, 5 Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: SHoW ME HOW Debits Credits Accounts Receivable Equipment Accumulated Depreciation- Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 75,000 345,700 $112,500 9,000 3,350 12,000 660,000 325,000 Data needed for year-end adjustments are as follows: Unbilled fees at July 31, $11,150. . Supplies on hand at July 31, $900. . Rent expired, $6,000. Depreciation of equipment during year, $8,950. Unearned fees at July 31, $2,0oo.

Explanation / Answer

the following are the adjusting entries:

date accounts debit credit july 31 Accounts receivable a/c 11,150 .....................To Fees earned a/c 11,150 july 31 Supplies expense a/c 2,450 ...................To Supplies a/c 2,450 (supplies expense = supplies - supplies on hand =>3,350-900=>2,450) july 31 Rent expense a/c 6,000 ..............................To Prepaid rent a/c 6,000 july 31 Depreciation expense - equipment 8,950 ......................To Accumulated depreciation - equipment 8,950 july 31 Unearned fees a/c 10,000 .....................To Fees earned a/c 10,000 (unearned fees opening balance - ending balance =>12,000- 2,000 =>10,000 fees earned) july 31 wages expense 4,840 .....................To wages payable a/c 4,840

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