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Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit...

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Accounting

Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit explanations.

Adjusting Entries:

1. Rent expired during year, $10,000.

2. Fees accrued but unbilled total $20,000.

3. The supplies account balance on December 31 is $3,100. Supplies on hand are $1,150.

Correcting Entries:

4. A receipt of $15,000 for services performed was erroneously recorded and posted as a debit to Fees Earned and a credit to Cash.

5. A purchase of Equipment with cash for $50,000 was erroneously recorded and posted as a debit to Supplies for $500,000 and a credit to cash for $500,000.

Date Account Name Debit Credit

Dec 31 #1

Dec 31 #2

Dec 31 #3

Dec 31 #4

Dec 31 #5

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