Accounting Paper

FIron River Company will need to have the following adjusting journal entries as

April 30,2008:

a.) Fees earned but unbilled on April 30 were $1,775.

Accounts Receivable                                                      $1,775

Fees Earned                                                                     $ 1,775

To record Fees earned but unbilled on April 30

b.)Supplies on hand on April 30 were $1,200.

Supplies Expense                                                           $ 4,200

Supplies                                                                           $ 4,200

To reflect the correct balance of supplies of hand

c.)Depreciation of equipment was estimated to be $4,100 for the year.

Depreciation Expense – Equipment                                             $4,100

Accumulated Depreciation Expense- Equipment                      $4,100

d.)The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $1,750 of the services was provided between April 1 and April 30.

Unearned Fees                                                         $1,750

Earned Fees                                                               $1,750

To reflect the correct balance of Unearned Fees

e.)Unpaid wages accrued on April 30 were $600.

Wages Expense                                                           $600

Wages Expense Payable                                             $600

To record unpaid wages

References:

Kimmel, P. et al. (1998) Financial Accounting: Tools for Business Decision Making, John Wiley, USA