Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance...

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Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 20V5 Debit Credit Balances Balances Cash 14,490 Accounts Recelvable 96,230 Supplies 23,190 Equipment 493,470 Accounts Payable 22,610 Unearned Fees 25,510 Common Stock 55,000 Retained Earnings 286,000 Dividends 19,130 Fees Earned 579,700 Wages Expense 134,490 Rent Expense 102,610 Utilities Expense 73,620 Miscellaneous Expense 11,590 968,820 968,820 For preparing the adjusting entries, the following data were assembled: Supplies on hand on April 30 were $8,560. Fees earned but unbilled on April 30 were $10,490. Depreciation of equipment was estimated to be $14,490 for the year. Unpaid wages accrued on April 30 were $1,850. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $20,150 of the services was provided between April 1 and April 30. Required: 1. Journalize the adjusting entries necessary on April 30, 20Y5. If an amount box does not require an entry, leave it blank. Apr. 30 30 30 30 30 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. Revenues Expenses Net income $ 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Retained Earnings. Retained Earnings by $ 1I II II II 10 00 Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 20V5 Debit Credit Balances Balances Cash 14,490 Accounts Recelvable 96,230 Supplies 23,190 Equipment 493,470 Accounts Payable 22,610 Unearned Fees 25,510 Common Stock 55,000 Retained Earnings 286,000 Dividends 19,130 Fees Earned 579,700 Wages Expense 134,490 Rent Expense 102,610 Utilities Expense 73,620 Miscellaneous Expense 11,590 968,820 968,820 For preparing the adjusting entries, the following data were assembled: Supplies on hand on April 30 were $8,560. Fees earned but unbilled on April 30 were $10,490. Depreciation of equipment was estimated to be $14,490 for the year. Unpaid wages accrued on April 30 were $1,850. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $20,150 of the services was provided between April 1 and April 30. Required: 1. Journalize the adjusting entries necessary on April 30, 20Y5. If an amount box does not require an entry, leave it blank. Apr. 30 30 30 30 30 2. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. before the adjusting entries. Revenues Expenses Net income $ 3. Determine the revenues, expenses, and net income of Crazy Mountain Outfitters Co. after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Retained Earnings. Retained Earnings by $ 1I II II II 10 00

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Date Account titles and explanation Debit Credit Apr30 Supplies e... View the full answer