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


Fees accrued but unbilled at May 31 are $11,120.

The supplies account balance on May 31 is $3,660. The supplies on hand at May 31 are $1,050.

Wages accrued but not paid at May 31 are $1,400.

The unearned rent account balance at May 31 is $10,890, representing the receipt of an advance payment on May 1 of three months' rent from tenants.

Depreciation of office equipment is $1,860.

Required:


1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.


May 31 fill in the blank 6cca9e054fc6036_2 fill in the blank 6cca9e054fc6036_3

fill in the blank 6cca9e054fc6036_5 fill in the blank 6cca9e054fc6036_6

31 fill in the blank 6cca9e054fc6036_8 fill in the blank 6cca9e054fc6036_9

fill in the blank 6cca9e054fc6036_11 fill in the blank 6cca9e054fc6036_12

31 fill in the blank 6cca9e054fc6036_14 fill in the blank 6cca9e054fc6036_15

fill in the blank 6cca9e054fc6036_17 fill in the blank 6cca9e054fc6036_18

31 fill in the blank 6cca9e054fc6036_20 fill in the blank 6cca9e054fc6036_21

fill in the blank 6cca9e054fc6036_23 fill in the blank 6cca9e054fc6036_24

31 fill in the blank 6cca9e054fc6036_26 fill in the blank 6cca9e054fc6036_27

fill in the blank 6cca9e054fc6036_29 fill in the blank 6cca9e054fc6036_30

2. What is the difference between adjusting entries and correcting entries?


Both adjusting entries and correcting entries are a planned part of the accounting process.

Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.

Both adjusting entries and correcting entries are not a planned part of the accounting process.

Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.