Problem 3-1A Adjusting Entries On October 31, 2012, the following data were accu

Question

Problem 3-1A Adjusting Entries On October 31, 2012, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty: The supplies account balance on October 31 is $3,975. The supplies on hand on October 31 are $1,050. The unearned rent account balance on October 31 is $11,000, representing the receipt of an advance payment on October 1 of four months' rent from tenants. Wages accrued but not paid at October 31 are $2,500. Fees accrued but unbilled at October 31 are $4,900. Depreciation of office equipment is $1,100. Required: Hide 1. Journalize the adjusting entries required at October 31, 2012.

Explanation / Answer

There is no entry for account balance Rent A/c 11000 To Unearned rent 11000 Unearned Rent 11000 To Profit and loss 11000 Wages 2500 To Outstanding Wages 2500 Accured Fees 4900 To Fees 4900 Depreciation 1100 To Off. Equip. 1100

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