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27 Mar 2019
justing entries
Instructions
Chart of Accounts
Journal
Final Question
Instructions
On March 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for PotomacRealty:
a. The supplies account balance onMarch 31 is $5,640, the supplies on hand on March 31 are$1,445. b. The unearned rent account balanceon March 31 is $5,400 representing the receipt of an advancepayment on March 1 of four monthsâ rent from tenants. c. Wages accrued but not paid at March31 are $2,125. d. Fees accrued but unbilled at March31 are $18,590. e. Depreciation of office equipment is$4,785.
Required: 1. Journalize the adjustingentries required on March 31. Refer to the Chart of Accounts forexact wording of account titles. 2. What is the difference betweenadjusting entries and correcting entries?
Chart of Accounts
CHARTOF ACCOUNTS Potomac Realty General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-OfficeEquipment 19 AccumulatedDepreciation-Automobiles
LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Wages Payable 24 Taxes Payable
EQUITY 31 Owner, Capital 32 Owner, Drawing
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
justing entries
Instructions
Chart of Accounts
Journal
Final Question
Instructions
On March 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for PotomacRealty:
a. | The supplies account balance onMarch 31 is $5,640, the supplies on hand on March 31 are$1,445. |
b. | The unearned rent account balanceon March 31 is $5,400 representing the receipt of an advancepayment on March 1 of four monthsâ rent from tenants. |
c. | Wages accrued but not paid at March31 are $2,125. |
d. | Fees accrued but unbilled at March31 are $18,590. |
e. | Depreciation of office equipment is$4,785. |
Required: | |
1. | Journalize the adjustingentries required on March 31. Refer to the Chart of Accounts forexact wording of account titles. |
2. | What is the difference betweenadjusting entries and correcting entries? |
Chart of Accounts
CHARTOF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Potomac Realty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sixta KovacekLv2
30 Mar 2019