On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

a. Fees accrued but unbilled at May 31 are $7,780.
b. The supplies account balance on May 31 is $2,560. The supplies on hand at May 31 are $730.
c. Wages accrued but not paid at May 31 are $980.
d. The unearned rent account balance at May 31 is $7,620, representing the receipt of an advance payment on May 1 of three months' rent from tenants.
e. Depreciation of office equipment is $1,300. Required:

Accounts receivables 7,780 debit

        Fees earned                 7,780 credit

supplies expense   1,830 debit

    supplies                          1,830 credit

wages expense        980 debit

           wages payable        980 credit

unearned revenues  2,540 debit

       fees earned                 2,540 credit

depreciation expense 1,300 debit

    acc dep - equipment      1,300 credit

Explanation:

We reocrd following the rule debit = credit

we record under A/r as if it wasn't billed the customer didn't paid the fees

2,560 book balance

  730 actual balance

1,830  expense

7,620 were paid for 3 months of services thus:

7,620 /3 = 2,540 per month

we have accrued this amount thus, it becomes fees earned

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