Selected accounts of Regions Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Regions Company's accounting year begins on January 1.

Determine the financial statement effect of the adjustments necessary at January 31:
a) Prepaid rent represents rent for January, February, March, and April.
b) January 31 supplies on hand total $1,300.
c) Office equipment is expected to last 7 years.
d) Last month the firm received $6,000 of service fees in advance. One-half of these fees were earned during January.
e) Accrued wages not recorded at January 31 are $950.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of January:

Question

Selected accounts of Regions Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Regions Company's accounting year begins on January 1.
   
Determine the financial statement effect of the adjustments necessary at January 31:
a) Prepaid rent represents rent for January, February, March, and April.
b) January 31 supplies on hand total $1,300.
c) Office equipment is expected to last 7 years.
d) Last month the firm received $6,000 of service fees in advance. One-half of these fees were earned during January.
e) Accrued wages not recorded at January 31 are $950.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of January:

Quizplus · Accepted Answer

The Answer of Selected accounts of Regions Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Regions Company's accounting year begins on January 1.
   
Determine the financial statement effect of the adjustments necessary at January 31:
a) Prepaid rent represents rent for January, February, March, and April.
b) January 31 supplies on hand total $1,300.
c) Office equipment is expected to last 7 years.
d) Last month the firm received $6,000 of service fees in advance. One-half of these fees were earned during January.
e) Accrued wages not recorded at January 31 are $950.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of January:

Selected Accounts of Regions Company Are Shown Below as of January