hapter 3 The Adjusting Process ems: Series A V EXCEL TEMPLATE . PR 3-1A Adjusting entries Obj. 2, 3, 4 On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty: The supplies account balance on March 31 is $5,620. The supplies on hand on March 31 are $1,290. The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants. Wages accrued but not paid at March 31 are $2,290. Fees accrued but unbilled at March 31 are $16,825. Depreciation of office equipment is $4,600. Instructions 1. Journalize the adjusting entries required at March 31. 2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors