Briefly explain the difference between adjusting entries

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Reference no: EM13586376

On May 31, 2014, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

a. Fees accrued but unbilled at May 31 are $19,750.

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

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

d. 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.

e. Depreciation of office equipment is $3,200.

Instructions

1. Journalize the adjusting entries required at May 31, 2014.

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

Reference no: EM13586376

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