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Reliable Repairs Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:
Reliable Repairs & Service
UNADJUSTED TRIAL BALANCE
April 30, 2018
ACCOUNT TITLEDEBITCREDIT1
Cash
10,350.00
2
Accounts Receivable
67,500.00
3
Supplies
16,200.00
4
Equipment
116,100.00
5
Accounts Payable
15,750.00
6
Unearned Fees
18,000.00
7
Common Stock
10,000.00
8
Retained Earnings
111,500.00
9
Dividends
13,500.00
10
Fees Earned
294,750.00
11
Wages Expense
94,500.00
12
Rent Expense
72,000.00
13
Utilities Expense
51,750.00
14
Miscellaneous Expense
8,100.00
15
Totals
450,000.00
450,000.00
For preparing the adjusting entries, the following data were assembled:
•Fees earned but unbilled on April 30 were $9,850.•Supplies on hand on April 30 were $4,660.•Depreciation of equipment was estimated to be $6,470 for the year.•The balance in unearned fees represented the April 1 receipt in advance for services to be provided. During April, $15,000 of the services were provided.•Unpaid Wages accrued on April 30 were $5,200.Required:1.Journalize the adjusting entries necessary on April 30, 2018. Refer to the Chart of Accounts for exact wording of account titles.2.Determine the revenues, expenses, and net income of Reliable Repairs & Service before the adjusting entries.3.Determine the revenues, expense, and net income of Reliable Repairs & Service after the adjusting entries.4.Determine the effect of the adjusting entries on Retained Earnings.
