# On May 31, 2016, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: a. Fees accrued but unbilled at May 31 are $19,750. b. The supplies account balance on May 31 is$12,300. The supplies on hand at May 31 are $4,150. c. Wages accrued but not paid at May 31 are$2,700. d. The unearned rent account balance at May 31 is $9,000, representing the receipt of an advance payment on May 1 of three months’ rent from tenants. e. Depreciation of office equipment is$3,200. Instructions 1. Journalize the adjusting entries required at May 31, 2016. 2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

### Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

### Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

#### Solutions

Chapter
Section
Chapter 3, Problem 1PB
Textbook Problem

## Expert Solution

### Want to see the full answer?

Check out a sample textbook solution.

### Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.