Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance on November $30,20$Y$3$:

Reliable Repairs & Service

UNADJUSTED TRIAL BALANCE

November $30,20$Y$3$

ACCOUNT TITLE DEBIT CREDIT

$1$

Cash

$10,150\mathrm{.}00$

$2$

Accounts Receivable

$67,550\mathrm{.}00$

$3$

Supplies

$16,590\mathrm{.}00$

$4$

Equipment

$112,610\mathrm{.}00$

$5$

Accounts Payable

$15,540\mathrm{.}00$

$6$

Unearned Fees

$18,360\mathrm{.}00$

$7$

Common Stock

$11,500\mathrm{.}00$

$8$

Retained Earnings

$109,150\mathrm{.}00$

$9$

Dividends

$13,540\mathrm{.}00$

$10$

Fees Earned

$291,750\mathrm{.}00$

$11$

Wages Expense

$94,050\mathrm{.}00$

$12$

Rent Expense

$72,120\mathrm{.}00$

$13$

Utilities Expense

$51,730\mathrm{.}00$

$14$

Miscellaneous Expense

$7,960\mathrm{.}00$

$15$

Totals

$446,300\mathrm{.}00$

$446,300\mathrm{.}00$

For preparing the adjusting entries, the following data were assembled:

$$ Fees earned but unbilled on November $30$ were $$10,310.$

$$ Supplies on hand on November $30$ were $$4,550.$

$$ Depreciation of equipment was estimated to be $$6,180$ for the year.

$$ The balance in unearned fees represented the November $1$ receipt in advance for services to be provided. During November, $$15,030$ of the services were provided.

$$ Unpaid Wages accrued on November $30$ were $$5,070.$

Required:

$1.$ Journalize the adjusting entries necessary on November $30,20$Y$3.$

$2.$ Determine the revenues, expenses, and net income of Reliable Repairs & Service before the adjusting entries.

$3.$ Determine the revenues, expenses, and net income of Reliable Repairs & Service after the adjusting entries.

$4.$ Determine the effect of the adjusting entries on Retained Earnings.

Answer rating: 100% (QA)

1Adjusting entries on November 30 20Y3 a Recognize fees earned but unbilled Debit Accounts Receivabl... View the full answer