# On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside 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 at May 31 are \$4,150. • Wages accrued but not paid at May 31 are \$2,700.

Chapter 3, Problem Set B #1

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On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside 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 at May 31 are \$4,150.

• Wages accrued but not paid at May 31 are \$2,700.

• The unearned rent account balance at May 31 is \$9,000, representing the receipt of an advance payment on May 1 of three months’ rent from tenants.

• Depreciation of office equipment is \$3,200.

Instructions

1. Journalize the adjusting entries required at May 31.

2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

Related Book For

## Corporate Financial Accounting

15th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

ISBN: 9781337398169

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