Selected account balances before adjustment for Green Lake Realty at August 31, 2008, the end of the current year, are shown below.
|
Debits |
Credits |
|
|
Accounts Receivable |
$38,250 |
|
|
Accumulated Depreciation |
|
$ 26,900 |
|
Depreciation Expense |
— |
|
|
Equipment |
90,500 |
|
|
Fees Earned |
|
275,500 |
|
Prepaid Rent |
9,750 |
|
|
Rent Expense |
— |
|
|
Supplies |
2,145 |
|
|
Supplies Expense |
— |
|
|
Unearned Fees |
|
6,175 |
|
Wages Expense |
81,500 |
|
|
Wages Payable |
|
— |
Data needed for year end adjustments are as follows:
a. Supplies on hand at August 31, $500.
b. Depreciation of equipment during year, $1,375.
c. Rent expired during year, $4,525.
d. Wages accrued but not paid at August 31, $2,200.
e. Unearned fees at August 31, $1,500.
f. Unbilled fees at August 31, $6,780.
Instructions
Journalize the six adjusting entries required at August 31, based upon the data presented.