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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
Adjusting entries
On May 31, 2014, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:
1. Fees accrued but unbilled at May 31 are $19,750.
2. The supplies account balance on May 31 is $12,300. The supplies on hand at May 31 are $4,150.
3. Wages accrued but not paid at May 31 are $2,700.
4. The unearned rent account balance at May 31 is $9,000, representing the receipt of an advance payment on May 1 of three months' rent from tenants.
5. Depreciation of office equipment is $3,200.
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Instructions
1. Journalize the adjusting entries required at May 31, 2014.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll