K.03-01..ALGO (Algorithmic) justing Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: a. Fees accrued but unbilled at May 31 are $14,200. b. The supplies account balance on May 31 is $4,670. The supplies on hand at May 31 are $1,330. c. Wages accrued but not paid at May 31 are $1,790. d. The unearned rent account balance at May 31 is $13,920, representing the receipt of an advance payment on May 1 of three months' rent from tenants. e. Depreciation of office equipment is $2,370.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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K.03-01..ALGO (Algorithmic)
justing Entries
On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries
for Oceanside Realty:
a. Fees accrued but unbilled at May 31 are $14,200.
b. The supplies account balance on May 31 is $4,670. The supplies on hand at May 31 are $1,330.
c. Wages accrued but not paid at May 31 are $1,790.
d. The unearned rent account balance at May 31 is $13,920, representing the receipt of an advance
payment on May 1 of three months' rent from tenants.
e. Depreciation of office equipment is $2,370.
Transcribed Image Text:K.03-01..ALGO (Algorithmic) justing Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: a. Fees accrued but unbilled at May 31 are $14,200. b. The supplies account balance on May 31 is $4,670. The supplies on hand at May 31 are $1,330. c. Wages accrued but not paid at May 31 are $1,790. d. The unearned rent account balance at May 31 is $13,920, representing the receipt of an advance payment on May 1 of three months' rent from tenants. e. Depreciation of office equipment is $2,370.
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Supplies expense=$4,670-$1,330=$3,340

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