Adjusting entries Journal Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are $320 The unearned rent account balance on December 31 is $10,350 representing the receipt of an advance payment on December 1 of five months rent from tenants Wages accrued but not paid at December 31 are $3,710 Fees earned but unbilled at December 31 are $21,610 Depreciation of office equipment is $3,340 Required: 1 Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the 7 CE E + Prsa ENO FI Trvoort Deeks 7 Backspace 8 9 o Lod a C Founprogress-labe Adjusting entries Journal Instructions The uneamed rent account balance on December 31 is $10,350 representing the receipt of an advance payment on December 1 of five months' rent from tenants Wages accrued but not paid at December 31 are $3,710. Fees earned but untitled at December 31 are $21610 Depreciation of office equipment is $3,340 Required: 1. Journalize the adjusting entries required at December 31 Refer to the chart of accounts for the exact wording of the accountilles CNOW journals do not use lines for journal explanations Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 2. What is the difference between adjusting entries and correcting entries? L 3 91 12 2/1 00 A Friso Insert FIP $ + II rum 7 8 9 0 20 P it of Accounts CHART OF ACCOUNTS Flagship Realty General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 42 Rent Revenue 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 51 Advertising Expense alt E 91% A Prisc Insert FIO FI & + ( 9 ) 0 Backspace 7 8 Chart of Account Journal instructions Chart of Accounts 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 16 Office Equipment 17 Accumulated Depreciation Office Equipment 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Mecs Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Wanes Pavable TOO o FOX PSC umar 6 7 00 Backpaco 9 0 COM Y U o P H J K L Enter Instructions Chart of Accounts 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 51 Advertising Expense 52 Insurance Expense 16 Office Equipment 17 Accumulated Depreciation Office Equipment 53 Rent Expense LIABILITIES 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 21 Accounts Payable 22 Uneamed Rent 23 Wages Payable 24 Taxes Payable 59 Miscellaneous Expense doo O i HD 1901 909 D FIO F11 F12 Prisc Insert Deres & 7 ) ( 9 8 09 Backspa Adjusting entries Journal Instructions Chart of Accounts LIABILITIES 21 Accounts Payable 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense 22 Unearned Rent 23 Wages Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends fi E 9 9036 + Prisc FO Insert De & + Journal Instructions Chart of Accounts Journal Shaded cells have feedback JOURNAL DATE POST. REF. DEBIT Dec 31 1.265.00 Dec. 31 DESCRIPTION Adjusting Entries Supplies expenses ($1.585 $320) Unearned Rent ($10,350/5) Wages Expense Accounts Receivable Depreciation Expense 2,070.00 Dec. 31 3.710.00 Dec. 31 21,610.00 Dec. 31 3,340.00 SI 2 90% 3 Prisc Dale FI