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On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty:...

On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty:

The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are $320.
The unearned rent account balance on December 31 is $10,350 representing the receipt of an advance payment on December 1 of five months’ rent from tenants.
Wages accrued but not paid at December 31 are $3,710.
Fees earned but unbilled at December 31 are $21,610.
Depreciation of office equipment is $3,340.
Required:
1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
2. What is the difference between adjusting entries and correcting entries?
CHART OF ACCOUNTS
Flagship Realty
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
15 Land
16 Office Equipment
17 Accumulated Depreciation-Office Equipment
LIABILITIES
21 Accounts Payable
22 Unearned Rent
23 Wages Payable
24 Taxes Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
42 Rent Revenue
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Rent Expense
54 Wages Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
59 Miscellaneous Expense

1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2

2. What is the difference between adjusting entries and correcting entries?

Both adjusting entries and correcting entries are not a planned part of the accounting process.

Both adjusting entries and correcting entries are a planned part of the accounting process.

Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.

Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.

PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 4 5 7 8 9 10 11
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Answer #1
1)
Date Accounts title and explanations Debit $ Credit $
December 31 Supplies expenses
( $ 1,585 (-) $ 320)
$ 1,265
               Supplies $ 1,265
(To record the Supplies)
December 31 Unearned Rent
($ 10,350 / 5 )
$ 2,070
             Rent revenue $ 2,070
(To record the Unearned Rent)
December 31 Wages expense $ 3,710
           Wages payable $ 3,710
(To record the Wages expense)
December 31 Accounts Receivable $ 21,610
                Fees earned $ 21,610
(To record the Fees earned)
December 31 Depreciation Expense $ 3,340
                Accumulated depreciation $ 3,340
(To record the Depreciation Expense)
2)
Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors
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