on october 31 2008 the following data were accumulated to 242166

On October 31, 2008, the following data were accumulated to assist the accountant in preparing the adjusting entries for Twin Bluffs Realty:

a. Fees accrued but unbilled at October 31 are $11,385.

b. The supplies account balance on October 31 is $2,973. The supplies on hand at October 31 are $740.

c. Wages accrued but not paid at October 31 are $1,500.

d. The unearned rent account balance at October 31 is $9,450, representing the receipt of an advance payment on October 1 of three months’ rent from tenants.

e. Depreciation of office equipment is $2,650.

Instructions

1. Journalize the adjusting entries required at October 31, 2008.

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

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