On October 31, 2006, the following data were accumulated to assist the accountant in preparing the..

On October 31, 2006, the following data were accumulated to assist the accountant in preparing the adjusting entries for Melville Realty:a. The supplies account balance on October 31 is $1,875. The supplies on hand on October 31 are $310.b. The unearned rent account balance on October 31 is $4,020, representing the receipt of an advance payment on October 1 of three months’ rent from tenants.c. Wages accrued but not paid at October 31 are $2,150.d. Fees accrued but unbilled at October 31 are $11,278.e. Depreciation of office equipment is $1,000.Instructions1. Journalize the adjusting entries required at October 31, 2006.2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.View Solution:
On October 31 2006 the following data were accumulated to

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