Journalize the adjusting entries required at March

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Reference no: EM132748384

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.

Required -

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.

Reference no: EM132748384

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