(Solved by Humans)-Problem 3­3 (Algorithmic) Adjusting Entries Econo Company, an electronics repair store, prepared the

Paper Details

Problem 3­3 (Algorithmic) Adjusting Entries 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, 2012 Debit Credit Balances Balances Cash Document Preview: Problem 3-3 (Algorithmic) Adjusting Entries 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, 2012   Debit Balances Credit Balances Cash 12,380       Accounts Receivable 82,230       Supplies 19,810       Equipment 418,290       Accounts Payable     19,320   Unearned Fees     21,800   Capital Stock     55,000   Retained Earnings     233,000   Dividends 16,350       Fees Earned     495,360   Wages Expense 114,920       Rent Expense 87,680       Utilities Expense 62,910       Miscellaneous Expense 9,910         824,480   824,480   For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on April 30 were $8,960. Supplies on hand on April 30 were $7,320. Depreciation of equipment was estimated to be $12,380 for the year. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $17,220 of the services was provided between April 1 and April 30. Unpaid wages accrued on April 30 were $1,580. Required: Journalize the adjusting entries necessary on April 30, 2012. Determine the revenues, expenses, and net income of Econo Company before the adjusting entries.