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Reliable Repairs Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:

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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, 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.

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