Question

On October 31, 2016, the following data was accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty.
a. Fees accrued but unbilled at October 31 are $9,670.

b. The supplies account balance on October 31 is $3,180. The supplies on hand at October 31 are $910.

c. Wages accrued but not paid at October 31 are $1,220.

d. The unearned rent account balance at October 31 is $9,480, representing the receipt of an advance payment on October 1 of three months' rent from tenants.

e. Depreciation of office equipment is $1,610.

Answer 1

Journal entries record all transactions for a business. Transactions made on October 31, 2016 are recorder in the journal.

What is journal entry?

A journal entry is used to record a business transaction in the accounting records of a business.

The following journal entries are as follows-

A). Accounts Receivable  Dr.                            $9,670

            To Fees Earned    Cr.                                             $9,670

   (Accrued fees earned)

B). Supplies Expenses      Dr.                           $2270

             To supplies          Cr.                                               $2270    

  (Supplies used $3,180- $910)

C).  Wages expenses          Dr.                            $1,220

             To wages payable     Cr.                                           $1,220

   (Accrued wages)    

D).  Unearned rent              Dr.                           $3,160

             To Rent revenue   Cr.                                                 $3,160

    (Rent earned 9,480/3 months)

E). Depreciation expenses   Dr.                         $1,610

         Accumulated Depreciation - Equipment                        $1,610

    (Depreciation expenses)

Above mentioned are the journal entries to be made for Dependable Realty.

Learn more about the journal entries here:-

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