On May 31, the following data were accumulated to assist the accountant in prepa

Question

On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty. a. Fees accrued but unbilled at May 31 are $12,620. b. The supplies account balance on May 31 is $4,150. The supplies on hand at May 31 are $1,190. c. Wages accrued but not paid at May 31 are $1,590. d. The unearned rent account balance at May 31 is $12,360, representing the receipt of an advance payment on May 1 of three months' rent from tenants. e. Depreciation of office equipment is $2,110.

Explanation / Answer

Answer:

Event

Description

Debit $

Credit $

1

Account receivable

12620

Fees Earned

12620

(to record the accrues Fess revenue)

2

Supplies expanses (4150-1190)

2960

Supplies

2960

(to record the supply expanses)

3

Wages Expanses

1590

Wages Payable

1590

(to record the accrued wages)

4

Unearned rent (12360/3)

4120

Rent Revenue

4120

(to record the unearned rent)

5

Depreciation expanses

2110

Accumulated depreciation-Equipment

2110

Event

Description

Debit $

Credit $

1

Account receivable

12620

Fees Earned

12620

(to record the accrues Fess revenue)

2

Supplies expanses (4150-1190)

2960

Supplies

2960

(to record the supply expanses)

3

Wages Expanses

1590

Wages Payable

1590

(to record the accrued wages)

4

Unearned rent (12360/3)

4120

Rent Revenue

4120

(to record the unearned rent)

5

Depreciation expanses

2110

Accumulated depreciation-Equipment

2110

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