Selected account balances before adjustment for Heartland Realty at August 31

| September 28, 2018

Adjusting entriesSelected account balances before adjustment for Heartland Realty at August 31, 2014, the end of the current year, are as follows:DebitsCreditsAccounts Receivable$ 80,000Equipment150,000Accumulated Depreciation – Equipment$28,000Prepaid Rent6,000Supplies3,000Wages PayableUnearned Fees10,500Fees Earned410,000Wages Expense190,000Rent ExpenseDepreciation ExpenseSupplies ExpenseData needed for year-end adjustments are as follows:a. Unbilled fees at August 31, $9,150.b. Supplies on hand at August 31, $675.c. Rent expired, $5,000.d. Depreciation of equipment during year, $3,300.e. Unearned fees at August 31, $3,000.f. Wages accrued but not paid at August 31, $3,100.Instructions1. Journalize the six adjusting entries required at August 31, based on the data presented.2. What would be the effect on the income statement if adjustments (a) and (f) were omitted at the end of the year?3. What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?4. What would be the effect on the “Net increase or decrease in cash” on the statement of cash flows if adjustments (a) and (f) were omitted at the end of the year?

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