Question

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

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

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 _

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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Answer #1

1) Journal Entries ;

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

2) Income statement :

Fees earned (331600 + 4550 + 3920) $340070
Less: Expenses :
Wages (111860 + 1650) 113510
Rent 5220
Depreciation 850
Supplies 1190
Total Expenses = 120270
Net Operating Income $219300
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