Adjusting entries Instructions Chart of Accounts Journal Final Question Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty: The supplies account balance on December 31 is $5,865. The supplies on hand on December 31 are $1,330 The unearned rent account balance on December 31 is $4,100 representing the receipt of an advance payment on December 1 of five months' rent from tenants Wages nocrued but not paid at December 31 are $2,030 Fees earned but unbilled at December 31 are $18,090. Depreciation of office equipment is $4,500. Required: 1. Jourraize the adjusting entries required at December 31. Refer to the chart of accounts for the exact worcing of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debut or credit entries. CNOW foumals will automatically indent a credit entry when a credit amount is entered 2. What is the difference between adjusting entries and correcting entries? Chart of Accounts DN CHART OF ACCOUNTS Flagship 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 17 Accumulated Depreciation Office Equipment 52 Insurance Expense 53 Rent Expense 54 Wages Expense LIABILITIES 55 Supplies Expense 56 Utilities Expense 21 Accounts Payable 22 Unearned Rent 57 Depreciation Expense 23 Wages Payable 59 Miscellaneous Expense Instrucions On Chart of Accounts 14 Prepaid Insurance EXPENSES 15 Land 51 Advertising Expense 52 Insurance Expense 16 Office Equipment 17 Accumulated Depreciation Office Equipment 53 Rent Expense 54 Wages Expense LIABILITIES 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 21 Accounts Payable 22 Unearned Rent 23 Wages Payable 24 Taxes Payable 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends