The unadjusted trial balance of Mitchell Corporation is presented below,together with the information for necessary adjustments.Prepare the required adjusting entries and indicate what effect each adjustment has on net income - increase,decrease,or no effect.
Adjustment data:
(a.) Unused supplies on hand, $250
(b.) Unexpired rent, $3,250
(c.) Depreciation on equipment, $1,200
(d.) Portion of unearned fees not yet earned, $1,300
(e.) Accrued interest on the note, $400
(f.) Fees earned but not recorded and not received, $600

Question

The unadjusted trial balance of Mitchell Corporation is presented below,together with the information for necessary adjustments.Prepare the required adjusting entries and indicate what effect each adjustment has on net income - increase,decrease,or no effect.
  Adjustment data:
(a.)  Unused supplies on hand, $250
(b.)  Unexpired rent, $3,250
(c.)  Depreciation on equipment, $1,200
(d.)  Portion of unearned fees not yet earned, $1,300
(e.)  Accrued interest on the note, $400
(f.) Fees earned but not recorded and not received, $600

Quizplus · Accepted Answer

The Answer of The unadjusted trial balance of Mitchell Corporation is presented below,together with the information for necessary adjustments.Prepare the required adjusting entries and indicate what effect each adjustment has on net income - increase,decrease,or no effect.
  Adjustment data:
(a.)  Unused supplies on hand, $250
(b.)  Unexpired rent, $3,250
(c.)  Depreciation on equipment, $1,200
(d.)  Portion of unearned fees not yet earned, $1,300
(e.)  Accrued interest on the note, $400
(f.) Fees earned but not recorded and not received, $600

The Unadjusted Trial Balance of Mitchell Corporation Is Presented Below,together