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Make a journal to journalize and adjust entries required

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Reference no: EM132628517

On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:

  1. The supplies account balance on March 31 is $5,210, the supplies on hand on March 31 are $1,135.
  2. The unearned rent account balance on March 31 is $5,600 representing the receipt of an advance payment on March 1 of four months' rent from tenants.
  3. Wages accrued but not paid at March 31 are $2,125.
  4. Fees accrued but unbilled at March 31 are $18,625.
  5. Depreciation of office equipment is $4,805.

Problem 1: How do you make a journal to journalize and adjust entries required at March 31.??

Problem 2: What is the difference between adjusting entries and correcting entries?

Reference no: EM132628517

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