1. Journalize the adjusting entries required on December 31. Refer to the Chart of Accounts for exact wording of account thes. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEDIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: The supplies account balance on December 31 s 55,635. The supplies on hand on December 31 are $1,495. The unearned rent account balance on December 31 is $4,600 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 $2,035. Foes eamed but unbilled at December 31 are $15,450. Depreciation of office equipment is $4,420. Required: 1. Journalize the adjusting entries required at December 31. Refer to the Chart of Accounts for exact wording of account billes. 2. What is the difference between adjusting entries and correcting entries? CHART OF ACCOUNTS Bellingham Realty General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 51 Advertising Expense 16 Office Equipment 52 Insurance Expense