Question

Journalize the adjusting entries required at May 31.

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 $19,750.

The supplies account balance on May 31 is $12,300. The supplies on hand at May 31 are $4,150.

Wages accrued but not paid at May 31 are $2,700.

The unearned rent account balance at May 31 is $9,000, representing the receipt of an advance payment on May 1 of three months' rent from tenants.

Depreciation of office equipment is $3,200.

Answer 1

Adjusting entry :

No	account and explanation	debit	credit
a	Account receivable	19750
	Fees revenue		19750
	(To record accured fees)
2	Supplies expense (12300-4150)	8150
	Supplies		8150
	(To record supplies adjusted)
3	Wages expense	2700
	Wages payable		2700
	(To record accured wages)
4	Unearned rent revenue (9000/3)	3000
	Rent revenue		3000
	(To record rent revenue)
5	Depreciation expense	3200
	Accumlated depreciation-office equipment		3200
	(To record depreciation expense)