On August 31, 2006, the following data were accumulated to assist the accountant in preparing the…

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

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