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Trident Repairs and Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations.
For preparing the adjusting entries, the following data were assembled:
Fees earned but unbilled on November 30 were $7,000.
Supplies on hand on November 30 were$1,300.
Depreciation of equipment was estimated to be $7,200 for the year.
The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November,$13,500 of the services were provided.
Unpaid wages accrued on November 30 were $4,800.
A. Journalize the adjusting entries necessary on November 30, 20Y3. Refer to the Chart of Accounts for exact wording of account titles.
B. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries.
C. Determine the revenues, expenses, and net income of Trident Repairs & Service after the adjusting entries.
D. Determine the effect of the adjusting entries on Retained Earnings.
Consider the following examples of fallacies.
a. Identity the premise(s) and conclusion of the argument. b. Briefly describe how the stated fallacy occurs in the argument. c. Make up another argument that exhibits the same fallacy.
(Diversion) Good grades are needed to get into college, and a college diploma is necessary for a good career. Therefore, attendance should count in high school grades.