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8 Dec 2018

The balance in the supplies account, before adjustment at theend of the year, is $5,330. The year end is December 31.

Journalize the December 31 adjusting entry required if theamount of supplies on hand at the end of the year is $1,875. Referto the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHARTOF ACCOUNTS

General Ledger

ASSETS

11 Cash

12 Accounts Receivable

13 Supplies

14 Prepaid Insurance

15 Land

16 Equipment

17 AccumulatedDepreciation-Equipment

19 AccumulatedDepreciation-Automobiles

LIABILITIES

21 Accounts Payable

22 Unearned Fees

23 Salaries Payable

24 Taxes Payable

EQUITY

31 John Doe, Capital

32 John Doe, Drawing

REVENUE

41 Fees Earned

EXPENSES

51 Advertising Expense

52 Insurance Expense

53 Rent Expense

54 Salary Expense

55 Supplies Expense

56 Utilities Expense

57 Depreciation Expense

59 Miscellaneous Expense

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Jean KeelingLv2

10 Dec 2018

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Related questions

On May 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for OceansideRealty:

a.	Fees accrued but unbilled at May 31are $19,750.
b.	The supplies account balance on May31 is $12,300. The supplies on hand at May 31 are $4,150.
c.	Wages accrued but not paid at May31 are $2,700.
d.	The unearned rent account balanceat May 31 is $9,000, representing the receipt of an advance paymenton May 1 of three monthsâ rent from tenants.
e.	Depreciation of office equipment is$3,200.

	Required:
1.	Journalize the adjustingentries required at May 31. Refer to the Chart of Accounts forexact wording of account titles.
2.	What is the difference betweenadjusting entries and correcting entries?

Chart of Accounts

CHARTOF ACCOUNTS

Oceanside Realty

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Equipment
17	AccumulatedDepreciation-Equipment
19	AccumulatedDepreciation-Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Wages Payable
24	Taxes Payable

	EQUITY
31	Owner, Capital
32	Owner, Drawing

	REVENUE
41	Fees Earned
42	Rent Revenue

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

pearwoodchuck107

justing entries

Instructions

Chart of Accounts

Journal

Final Question

Instructions

On March 31, the following data were accumulated to assist theaccountant in preparing the adjusting entries for PotomacRealty:

a.	The supplies account balance onMarch 31 is $5,640, the supplies on hand on March 31 are$1,445.
b.	The unearned rent account balanceon March 31 is $5,400 representing the receipt of an advancepayment on March 1 of four monthsâ rent from tenants.
c.	Wages accrued but not paid at March31 are $2,125.
d.	Fees accrued but unbilled at March31 are $18,590.
e.	Depreciation of office equipment is$4,785.

	Required:
1.	Journalize the adjustingentries required on March 31. Refer to the Chart of Accounts forexact wording of account titles.
2.	What is the difference betweenadjusting entries and correcting entries?

Chart of Accounts

CHARTOF ACCOUNTS

Potomac Realty

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Equipment
17	Accumulated Depreciation-OfficeEquipment
19	AccumulatedDepreciation-Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Wages Payable
24	Taxes Payable

	EQUITY
31	Owner, Capital
32	Owner, Drawing

	REVENUE
41	Fees Earned
42	Rent Revenue

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense