On August 31, 2006, the following data were accumulated to assist the accountant in preparing the adjusting entries for Osage Realty:a. Fees accrued but unbilled at August 31 are $7,100.b. The supplies account balance on August 31 is $3,010. The supplies on hand at August 31 are $1,150.c. Wages accrued but not paid at August 31 are $1,380.d. The unearned rent account balance at August 31 is $4,950, representing the receipt of an advance payment on August 1 of three months’ rent from tenants.e. Depreciation of office equipment is $1,120.Instructions1. Journalize the adjusting entries required at August 31, 2006.2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.View Solution:
On August 31 2006 the following data were accumulated to