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 $5,225. The supplies on hand on December 31 are $1,275.
• The unearned rent account balance on December 31 is $5,700 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 $2,485.
• Fees earned but unbilled at December 31 are $16,245.
• Depreciation of office equipment is $4,005.
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?

1. Journalize the adjusting entries required on December 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Adjusting Entries

2

3

4

5

6

7

8

9

10

11

2. What is the difference between adjusting entries and correcting entries?

a) Both adjusting entries and correcting entries are not a planned part of the accounting process.

b) Both adjusting entries and correcting entries are a planned part of the accounting process.

c) Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.

d) Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.

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Answer #1

1.

2.

Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors

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