On August 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting

Question:

On August 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Cobalt Realty:
(a) Fees accrued but unbilled at August 31 are $9,560.
(b) The supplies account balance on August 31 is $3,150. The supplies on hand at August 31 are $900.
(c) Wages accrued but not paid at August 31 are $1,200.
(d) The unearned rent account balance at August 31 is $9,375, representing the receipt of an advance payment on August 1 of three months’ rent from tenants.
(e) Depreciation of office equipment is $1,600.
Instructions
1. Journalize the adjusting entries required at August 31, 2010.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.