On October 3 1 , the following data were accumulated to assist the accountant in preparing the
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Question:
On October the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:
The supplies account balance on October is $ The supplies on hand on October are $
The unearned rent account balance on October is $ representing the receipt of an advance payment on October of four months rent from tenants.
Wages accrued but not paid at October are $
Fees accrued but unbilled at October are $
Depreciation of office equipment is $
Required:
Journalize the adjusting entries required at October
What is the difference between adjusting entries and correcting entries?
CHART OF ACCOUNTS
Bickle Realty
General Ledger
ASSETS
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Land
Office Equipment
Accumulated DepreciationOffice Equipment
LIABILITIES
Accounts Payable
Unearned Rent
Wages Payable
Taxes Payable
EQUITY
Bickle Realty, Capital
Bickle Realty, Drawing
REVENUE
Fees Earned
Rent Revenue
EXPENSES
Advertising Expense
Insurance Expense
Rent Expense
Wages Expense
Supplies Expense
Utilities Expense
Depreciation Expense
Miscellaneous Expense
Journalize the adjusting entries required at October
General Journal Instructions
PAGE
JOURNALACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Adjusting Entries
What is the difference between adjusting entries and correcting entries?
Both adjusting entries and correcting entries are not 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.
Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.
Both adjusting entries and correcting entries are a planned part of the accounting process.
Posted Date: