On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty.
a. Fees accrued but unbilled at May 31 are $10,070.
b. The supplies account balance on May 31 is $3,310. The supplies on hand at May 31 are $950.
c. Wages accrued but not paid at May 31 are $1,270.
d. The unearned rent account balance at May 31 is $9,870, representing the receipt of an advance payment on May 1 of three months' rent from tenants.
e. Depreciation of office equipment is $1,680.
Required:
Journalize the adjusting entries required at May 31.
Oct. 31 31 31 31 31
What is the difference between adjusting entries and correcting entries?
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.
Both adjusting entries and correcting entries are not a planned part of the accounting process.
Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.
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On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty.
a. Fees accrued but unbilled at May 31 are $10,070.
b. The supplies account balance on May 31 is $3,310. The supplies on hand at May 31 are $950.
c. Wages accrued but not paid at May 31 are $1,270.
d. The unearned rent account balance at May 31 is $9,870, representing the receipt of an advance payment on May 1 of three months' rent from tenants.
e. Depreciation of office equipment is $1,680.
Required:
Journalize the adjusting entries required at May 31.
| Oct. 31 | |||
| 31 | |||
| 31 | |||
| 31 | |||
| 31 | |||
What is the difference between adjusting entries and correcting entries?
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.
Both adjusting entries and correcting entries are not a planned part of the accounting process.
Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.
Check My Work
Related questions
On May 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for OceansideRealty:
| a. | Fees accrued but unbilled at May 31are $19,750. |
| b. | The supplies account balance on May31 is $12,300. The supplies on hand at May 31 are $4,150. |
| c. | Wages accrued but not paid at May31 are $2,700. |
| d. | The unearned rent account balanceat May 31 is $9,000, representing the receipt of an advance paymenton May 1 of three monthsĆ¢ĀĀ rent from tenants. |
| e. | Depreciation of office equipment is$3,200. |
| Required: | |
| 1. | Journalize the adjustingentries required at May 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
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