Reference no: EM131137931
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
a. The supplies account balance on March 31 is $5,865, the supplies on hand on March 31 are $1,330.
b. The unearned rent account balance on March 31 is $4,100 representing the receipt of an advance payment on March 1 of four months' rent from tenants.
c. Wages accrued but not paid at March 31 are $2,030.
d. Fees accrued but unbilled at March 31 are $18,090.
e. Depreciation of office equipment is $4,500.
Required:
1. Journalize the adjusting entries required on March 31. Refer- to the Chart of Accounts for- exact wording of account titles.
2. What is the difference between adjusting entries and correcting entries?
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