5 On October 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:• The supplies account balance on October 31 is $5,210. The supplies on hand on October 31 are $1,135.• The unearned rent account balance on October 31 is $5,600 representing the receipt of an advance payment on October 1 of four months' rentfrom tenants.• Wages accrued but not paid at October 31 are $2,125.• Fees accrued but unbilled at October 31 are $18,625..• Depreciation of office equipment is $4,805..Required:1. Journalize the adjusting entries required at October 31.2. What is the difference between adjusting entries and correcting entries?

Adjusting entries : Adjusting entries refers to a set of journal entries recorded at the end of the…

Answered: assist supplies account balance on…

assist supplies account balance on October 31 is $5,210. The unearned rent account balance on October 31 is $5,600 tenants.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

On October 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:
• The supplies account balance on October 31 is $5,210. The supplies on hand on October 31 are $1,135.
• The unearned rent account balance on October 31 is $5,600 representing the receipt of an advance payment on October 1 of four months' rent
from tenants.
• Wages accrued but not paid at October 31 are $2,125.
• Fees accrued but unbilled at October 31 are $18,625.
.
• Depreciation of office equipment is $4,805.
.
Required:
1. Journalize the adjusting entries required at October 31.
2. What is the difference between adjusting entries and correcting entries?

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