The writer is very fast, professional and responded to the review request fast also. Thank you.
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.
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more