Accounting Homework chp 3 and 4

Accounting Homework chp 3 and 4 - PR 3-1A. Journa l Date...

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PR 3-1A. Journa l Date Description Debit Credit Aug 31 supplies on Expense 900 supplies on Expense 900 Supplies used ($900) 3,150 Aug 31 Unearned rent 3125 Rent revenue 3125 rent earned (9,375/3months) Aug 31 Accounts receivable 9,375 Fees Earned 9,375
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Accrued fees ($9,375) Aug 31 Wages Expense 1,200 Wages payable 1,200 Accrued wages Aug 31 Depreciation Expense 1,600 Accum,Depreciation -office equipment 1,600 Depreciation on office equipment The difference between adjusting entries and entries that would be made to correct errors is. Adjusting entries would also encompass entries to correct errors. Standard adjusting entries are usually used to adjust things like accruals. If you pay insurance, you may post it to prepaid insurance. Then at year end, you calculate how much is still prepaid and the rest is expensed. Or you calculate how much was expensed and the rest is kept in prepaid. Entries to correct errors are also adjusting entries. But not all adjusting entries are for correcting errors.
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Accounting Homework chp 3 and 4 - PR 3-1A. Journa l Date...

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