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Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit...

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Accounting

Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit explanations.

Adjusting Entries:

1. Rent expired during year, $10,000.

2. Fees accrued but unbilled total $20,000.

3. The supplies account balance on December 31 is $3,100. Supplies on hand are $1,150.

Correcting Entries:

4. A receipt of $15,000 for services performed was erroneously recorded and posted as a debit to Fees Earned and a credit to Cash.

5. A purchase of Equipment with cash for $50,000 was erroneously recorded and posted as a debit to Supplies for $500,000 and a credit to cash for $500,000.

Format: Please use the provided Chart of Accounts for appropriate account names (do not use account numbers, just names). Enter debits and credits as WHOLE NUMBERS WITH COMMAS! NO DECIMALS POINTS OR DOLLAR SIGNS!

Date Account Name Debit Credit

Dec 31 #1

Dec 31 #2

Dec 31 #3

Dec 31 #4

Dec 31 #5

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