Only Answer Final Questions Please

Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Accounts Receivable Equipment Accumulated Depreciation-Equipment Prepaid Rent Supplies Wages Payable Uneamed Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Debits $ 73,000 345,500 9,350 3,450 327,900 Credits $123,300 11,200 679,000 2. 3. Instructions Data needed for year-end adjustments are as follows: . . Depreciation of equipment during year, $9,050. Unearned fees at July 31, $2,460. . Wages accrued but not paid at July 31, $4,950. Unbilled fees at July 31, $11,800. Supplies on hand at July 31, $1,000. Rent expired, $5,900. . Journal Final Questions 2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Over/Understated Understated Understated No effect Fees earned Wages expense Net income Amount 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Accounts receivable Over/Understated Amount Final Questions 3. What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? Accounts receivable Total assets Wages payable Total liabilities Owner's equity Total liabilities and owner's equity Over/Understated i Amount 4. What would be the effect on the "Net increase or decrease in cash" on the statement of cash flows if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? No effect