on january 31 2012 the following data were accumulated to 242140

On January 31, 2012, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

a. Fees accrued but unbilled at January 31 are $10,280.

b. The supplies account balance on January 31 at $6,100. The supplies on hand at January 31 are $1,300.

c. Wages accrued but not paid at January 31 are $3,000.

d. The unearned rent account balance at January 31 is $4,500, representing the receipt of an advance payment on January 1 of three months’ rent from tenants.

e. Depreciation of office equipment is $1,400.

Instructions

1. Journalize the adjusting entries required at January 31, 2012.

2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.

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