Question

On May 31, the following data were accumulated to assist the accountant in preparing the adjusting...

On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

  • Fees accrued but unbilled at May 31 are $11,120.
  • The supplies account balance on May 31 is $3,660. The supplies on hand at May 31 are $1,050.
  • Wages accrued but not paid at May 31 are $1,400.
  • The unearned rent account balance at May 31 is $10,890, representing the receipt of an advance payment on May 1 of three months' rent from tenants.
  • Depreciation of office equipment is $1,860.

Required:

1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.

May 31 fill in the blank 6cca9e054fc6036_2 fill in the blank 6cca9e054fc6036_3
fill in the blank 6cca9e054fc6036_5 fill in the blank 6cca9e054fc6036_6
31 fill in the blank 6cca9e054fc6036_8 fill in the blank 6cca9e054fc6036_9
fill in the blank 6cca9e054fc6036_11 fill in the blank 6cca9e054fc6036_12
31 fill in the blank 6cca9e054fc6036_14 fill in the blank 6cca9e054fc6036_15
fill in the blank 6cca9e054fc6036_17 fill in the blank 6cca9e054fc6036_18
31 fill in the blank 6cca9e054fc6036_20 fill in the blank 6cca9e054fc6036_21
fill in the blank 6cca9e054fc6036_23 fill in the blank 6cca9e054fc6036_24
31 fill in the blank 6cca9e054fc6036_26 fill in the blank 6cca9e054fc6036_27
fill in the blank 6cca9e054fc6036_29 fill in the blank 6cca9e054fc6036_30

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

  1. Both adjusting entries and correcting entries are a planned part of the accounting process.
  2. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.
  3. Both adjusting entries and correcting entries are not a planned part of the accounting process.
  4. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.
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Homework Answers

Answer #1

1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.

May 31 Account receivable 11120
Fees earned 11120
31 Supplies expense (3660-1050) 2610
Supplies 2610
31 Wages expense 1400
Wages payable 1400
31 Unearned rent (10890/3) 3630
Rent revenue 3630
31 Depreciation expense 1860
Accumulated depreciation-equipment 1860

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

So answer is 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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