Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the 1 answer below »

Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. Econo Company Unadjusted Trial Balance April 30, 2014 Debit
Balances Credit
Balances Cash 14,710 Accounts Receivable 97,650 Supplies 23,530 Equipment 496,700 Accounts Payable 22,940 Unearned Fees 25,880 Capital Stock 55,000 Retained Earnings 287,000 Dividends 19,410 Fees Earned 588,240 Wages Expense 136,470 Rent Expense 104,120 Utilities Expense 74,710 Miscellaneous Expense 11,760 979,060 979,060

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

Fees earned but unbilled on April 30 were $10,650.

Supplies on hand on April 30 were $8,690.

Depreciation of equipment was estimated to be $14,710 for the year.

The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $20,450 of the services was provided between April 1 and April 30.

Unpaid wages accrued on April 30 were $1,880.

Journalize the adjusting entries necessary on April 30, 2014.

"Get 15% discount on your first 3 orders with us"
Use the following coupon
FIRST15

Order Now