on march 31 2010 the following data were accumulated to 242154

On March 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Hackney Realty:

(a) The supplies account balance on March 31 is $2,315. The supplies on hand on March 31 are $990.

(b) The unearned rent account balance on March 31 is $7,950, representing the receipt of an advance payment on March 1 of three months’ rent from tenants.

(c) Wages accrued but not paid at March 31 are $800.

(d) Fees accrued but unbilled at March 31 are $7,100.

(e) Depreciation of office equipment is $700.

Instructions

1. Journalize the adjusting entries required at March 31, 2010.

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

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