On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:
• The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are $320.
• The unearned rent account balance on December 31 is $10,350 representing the receipt of an advance payment on December 1 of four months’ rent from tenants.
• Wages accrued but not paid at December 31 are $3,710.
• Fees earned but unbilled at December 31 are $21,610.
• Depreciation of office equipment is $3,340.

Instructions
1. Journalize the adjusting entries required at December 31.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.