For preparing the adjusting entries, the following data were assembled:
•
fees earned but unbilled on november 30 were $9,440.
•
supplies on hand on november 30 were $5,130.
•
depreciation of equipment was estimated to be $6,200 for the year.
•
the balance in unearned fees represented the november 1 receipt in advance for services to be provided. during november, $15,280 of the services were provided.
•
unpaid wages accrued on november 30 were $5,230.
required:
1.
journalize the adjusting entries necessary on november 30, 20y3. refer to the chart of accounts for exact wording of account titles.
2.
determine the revenues, expenses, and net income of trident repairs & service before the adjusting entries.
3.
determine the revenues, expenses, and net income of trident repairs & service after the adjusting entries.
4.
determine the effect of the adjusting entries on retained earnings.
chart of accounts
trident repairs & service
general ledger
assets
11
cash
12
accounts receivable
13
supplies
14
equipment
15
accumulated depreciation-equipment
liabilities
21
accounts payable
22
wages payable
23
unearned fees
equity
31
common stock
32
retained earnings
33
dividends
revenue
41
fees earned
expenses
51
wages expense
52
rent expense
53
supplies expense
54
depreciation expense
56
utilities expense
59
miscellaneous expense