Reference no: EM132738806
Problem - Adjusting entries - On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
The supplies account balance on March 31 is $5,620. The supplies on hand on March 31 are $1,290.
The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants.
Wages accrued but not paid at March 31 are $2,290.
Fees accrued but unbilled at March 31 are $16,825.
Depreciation of office equipment is $4,600.
Instructions -
1. Journalize the adjusting entries required at March 31.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.
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