Question

On May 31 the following data Where are accumulated to assist the Accountant in preparing the adjusted entries for ocean side realty

- fees accrued but unbilled at May 31 are $19,750

-The supplies account balance on May 31 is $12,300. The supplies on hand May 31 are $4,150

- Wages accrued but not paid at May 31 are $2700

- The unearned rent balance on May 31 is $9000 representing The receipt of an advance payment on May 1st of three months rent from tenants

- Deprecation of office equipment is $3200

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- Here’s the question:

1.Journalize the adjusted entries required at May 31st

& 2. briefly explain the difference between adjusting enteries made to correct errors.

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Answer 1

XUS Book1 - Excel ? X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW doPDF 10 Sign in = Calibri 11 - A A Wrap Text Accounting IT HH * Cut Eg Copy Format Painter Paste BIU - А = Merge & Center - % 4.0 .00 .000 Insert Delete Format > Auto Sum Σ Fill Sort & Find & Clear - Filter - Select - Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard [5 Font Alignment Г Number Cells 12 1 X ✓ fx Credit A B с D E F H 1 J K L M N o P Q 1 Credit 2 3 Debit 19,750.00 Accounts Receivable Fees Earned 4 19,750.00 5 6 8,150.00 Supplies Expense(12,300 - 4,150) Supplies 7 8,150.00 8 9 2,700.00 Wages Expense Wages payable 2,700.00 10 11 12 3,000.00 Unearned Rent Rent Revenue 13 3,000.00 14 15 3,200.00 Depreciation Expense Accumulated Depreciation-Equipment 16 3,200.00 17 18 19 20 21 22 23 Sheet1 Sheet2 + READY AVERAGE: 7,360.00 COUNT: 22 SUM: 73,600.00 1 + 100% Type here to search x] OM 0 40 INTL ENG 10:18 INTL 18-09-2020 134

Adjusting entries are planned and part of accounting process, however correcting entries are used only when there is a mistake in the entry and needs correction