On July 31 2014 the following data were accumulated to
On July 31, 2014, the following data were accumulated to assist the accountant in preparing the adjusting entries for Atrium Realty:
a. The supplies account balance on July 31 is $6,880. The supplies on hand on July 31 are $2,200.
b. The unearned rent account balance on July 31 is $9,200, representing the receipt of an advance payment on July 1 of four months’ rent from tenants.
c. Wages accrued but not paid at July 31 are $1,850.
d. Fees accrued but unbilled at July 31 are $11,700.
e. Depreciation of office equipment is $3,500.

Instructions
1. Journalize the adjusting entries required at July 31, 2014.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help