On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham...
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Accounting
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:
| The supplies account balance on December 31 is $5,925, the supplies on hand on December 31 are $1,275. | |
| The unearned rent account balance on December 31 is $5,200 representing the receipt of an advance payment on December 1 of four months rent from tenants. | |
| Wages accrued but not paid at December 31 are $2,320. | |
| Fees earned but unbilled at December 31 are $18,220. | |
| Depreciation of office equipment is $4,350. |
| Required: | |
| 1. | Journalize the adjusting entries required at December 31. Refer to the Chart of Accounts for exact wording of account titles. |
| 2. | What is the difference between adjusting entries and correcting entries? |
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