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Question

Selected account balances before adjustment for Newhouse Realty at March 31, 2014, the end of the current year, are shown below.

Data needed for year-end adjustments are as follows:

Supplies on hand at March 31, $650.

Depreciation of equipment during year, $1,080.

Rent expired during year, $6,600.

Wages accrued but not paid at March 31, $2,080.

Unearned fees at March 31, $4,160.

Unbilled fees at March 31, $4,950.

What would be the effect on the income statement if adjustments (b) and (e) were omitted at the end of the year? Enter all amounts as positive numbers.

What would be the effect on the balance sheet if adjustments (b) and (e) were omitted at the end of the year? Enter all amounts as positive numbers.

 

Debits

Credits

Accounts Receivable

$71,730

 

 

 

Equipment

111,000

 

 

 

Accumulated Depreciation - Equipment

 

 

$11,050

 

Prepaid Rent

9,000

 

 

 

Supplies

2,150

 

 

 

Wages Payable

 

 

_

 

Unearned Fees

 

 

9,900

 

Fees Earned

 

 

418,900

 

Wages Expense

141,310

 

 

 

Rent Expense

_

 

 

 

Depreciation Expense

_

 

 

 

Supplies Expense

_

 

 

 

         

 

Solution
5 (1 Ratings )

Solved
Accounting 2 Months Ago 108 Views
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