Explain the difference between adjusting entries

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Reference no: EM133378598

Question: On August 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Cobalt Realty: a. Fees accrued but unbilled at August 31 are $9,560. b. The supplies account balance on August 31 is $3,150. The supplies on hand at August 31 are $900. c. Wages accrued but not paid at August 31 are $1,200. d. The unearned rent account balance at August 31 is $9,375, representing the receipt of an advance payment on August 1 of three months' rent from tenants. e. Depreciation of office equipment is $1,600. Instructions

1. Journalize the adjusting entries required at August 31, 2010.

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

Reference no: EM133378598

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