Question: =+2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors. Selected account balances before adjustment for Perfect Realty

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

Selected account balances before adjustment for Perfect Realty at October 31, 2010, the end of the current year, are as follows:

Debits Credits Accounts Receivable $ 40,000 Equipment 100,000 Accumulated Depreciation $ 12,000 Prepaid Rent 9,000 Supplies 1,800 Wages Payable —

Unearned Fees 6,000 Fees Earned 215,000 Wages Expense 75,000 Rent Expense —

Depreciation Expense —

Supplies Expense —

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