On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries
Question:
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
a. The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.
b. The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants.
c. Wages accrued but not paid at March 31 are $2,290
d. Fees accrued but unbilled on March 31 are $16,825.
e. Depreciation of office equipment is $4,600.
Required:
1. Journalize the adjusting entries required on March 31.
2. What is the difference between adjusting entries and correcting entries?
Corporate Financial Accounting
ISBN: 978-1337272124
15th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac