PR $3-1$A Adjusting entries

Obj. $2,3,4$

On October $31,$ the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:

The supplies account balance on October $31$ is $$8,125.$ The supplies on hand on October $31$ are $$1,150.$

The unearned rent account balance on October $31$ is $$7,000$ representing the receipt of an advance payment on October $1$ of four months' rent from tenants.

Wages accrued but not paid at October $31$ are $$3,500.$

Fees accrued but unbilled at October $31$ are $$23,000.$

Depreciation of office equipment is $$3,000.$

Instructions

Journalize the adjusting entries required at October $31.$

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