Answer:
1.
a. May 31
Dr Accounts Receivable 19,750
Cr Service Revenue 19,750
b. May 31
Dr Supplies Expense 8,150
Cr Supplies 8,150
c. May 31 Wages Expenses 2,700
Wages Payable 2,700
d. May 31
Dr Unearned Rent 3,000
Cr Rent Revenue 3,000
e. May 31
Dr Depreciation Expense 3,200
C Accumulated Depreciation-Office Equipment 3,200
2. ADJUSTING ENTRIES are entries that has already be planned for ahead or in advance while CORRECTING ENTRIES on the other hand are entries that comes up when necessary in order to correct errors.
Explanation:
1. Preparation of the adjusting entries required at May 31.
a. May 31
Dr Accounts Receivable 19,750
Cr Service Revenue 19,750
(To record unbilled fees)
b. May 31
Dr Supplies Expense 8,150
Cr Supplies 8,150
(12,300-4,150)
(To record supplies expense)
c. May 31 Wages Expenses 2,700
Wages Payable 2,700
(To record wages expense)
d. May 31
Dr Unearned Rent 3,000
Cr Rent Revenue 3,000
(9000/3 months)
(To record rent revenue)
e. May 31
Dr Depreciation Expense 3,200
C Accumulated Depreciation-Office Equipment 3,200
(To record depreciation expense)
2. ADJUSTING ENTRIES are entries that has already be planned for ahead or in advance while CORRECTING ENTRIES on the other hand are entries that comes up when necessary in order to correct errors.
