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 $5,640, the supplies on hand on March 31 are $1,445. The unearned rent account balance on March 31 is $5,400 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 $2,125. · Fees accrued but unbilled at March 31 are $18,590. Depreciation of office equipment is $4,785. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries? 6. 10 11
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 $5,640, the supplies on hand on March 31 are $1,445. The unearned rent account balance on March 31 is $5,400 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 $2,125. · Fees accrued but unbilled at March 31 are $18,590. Depreciation of office equipment is $4,785. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries? 6. 10 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 $5,640, the supplies on hand on March 31 are $1,445.
The unearned rent account balance on March 31 is $5,400 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 $2,125.
· Fees accrued but unbilled at March 31 are $18,590.
Depreciation of office equipment is $4,785.
Required:
1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles.
2. What is the difference between adjusting entries and correcting entries?
6.
10
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb7ec66f-6cfd-4e4f-b5eb-2b7d0f8b8f3c%2F774721bc-6f59-4645-9ecc-79f77409e99b%2F8zmfrji_processed.png&w=3840&q=75)
Transcribed Image Text: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 $5,640, the supplies on hand on March 31 are $1,445.
The unearned rent account balance on March 31 is $5,400 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 $2,125.
· Fees accrued but unbilled at March 31 are $18,590.
Depreciation of office equipment is $4,785.
Required:
1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles.
2. What is the difference between adjusting entries and correcting entries?
6.
10
11
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