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Journalize the adjusting entries required at December

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Reference no: EM132678850

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

The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280.

The unearned rent account balance on December 31 is $9,000 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 $3,220.

Fees earned but unbilled at December 31 are $18,750.

Depreciation of office equipment is $2,900.

Required -

1. Journalize the adjusting entries required at December 31.

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

Reference no: EM132678850

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