Chapter 3 HW 5 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 $11,890 b The supplies account balance on May 31 is $3,910 The supplies on hand at May 31 are $1,120 c Wages accrued but not paid at May 31 are $1,500 d The unearned rent account balance at May 31 is $11,640, representing the receipt of an advance payment on May 1 of three months' rent from tenants e Depreciation of office equipment is $1,990 Required Question Content Area Journalize the adjusting entries required at May 31 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 May 31 31 31 31 31

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Chapter 3 HW: 5 On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: a.

Chapter 3 HW: 5

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 $11,890.

b. The supplies account balance on May 31 is $3,910. The supplies on hand at May 31 are $1,120.

c. Wages accrued but not paid at May 31 are $1,500.

d. The unearned rent account balance at May 31 is $11,640, representing the receipt of an advance payment on May 1 of three months' rent from tenants.

e. Depreciation of office equipment is $1,990.

Required:

Question Content Area

Journalize the adjusting entries required at May 31.

image text in transcribed

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.

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