Question

On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:...

On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:

• The supplies account balance on December 31 is $5,640, the supplies on hand on December 31 are $1,445.
• The unearned rent account balance on December 31 is $5,400 representing the receipt of an advance payment on December 1 of four months’ rent from tenants.
• Wages accrued but not paid at December 31 are $2,125.
• Fees earned but unbilled at December 31 are $18,590.
• Depreciation of office equipment is $4,785.
Required:
1. Journalize the adjusting entries required at December 31. Refer to the Chart of Accounts for exact wording of account titles.
2. What is the difference between adjusting entries and correcting entries?
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Answer #1
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a Supplies expense 4195 =5640-1445
       Supplies 4195
b Unearned rent 1350 =5400/4
       Rent revenue 1350
c Wages expense 2125
        Wages payable 2125
d Accounts Receivable 18590
       Fees earned 18590
e Depreciation Expense 4785
       Accumulated Depreciation-Office Equipment 4785
2 Adjusting entries are a planned part of the accounting process to update the accounts.
Correcting entries are not planned, but arise only when necessary to correct errors.
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