In December 31, the following data were accumulated for preparing the adjusting entries for Flagship Real - 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 five 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. Required: 1. Joumalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals 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 CHART OF ACCOUNTS Flagship Realty General Ledger \begin{tabular}{ll} \multicolumn{1}{c}{ ASSETS } & \multicolumn{1}{c}{ REVENUE } \\ 11 Cash & 41 Fees Eamed \\ 12 Accounts Receivable & 42 Rent Revenue \\ 13 Supplies & \\ 14 Prepaid Insurance & EXPENSES \\ 15 Land & 51 Advertising Expense \\ 16 Office Equipment & 52 Insurance Expense \\ 17 Accumulated Depreciation-Office Equipment & 53 Rent Expense \\ & 54 Wages Expense \\ LIABILITIES & 55 Supplies Expense \\ 21 Accounts Payable & 56 Utilities Expense \\ 22 Unearned Rent & 57 Depreciation Expense \\ 23 Wages Payable & 59 Miscellaneous Expense \\ 24 Taxes Payable & \end{tabular} EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends he on a joumal page is used for deblt or credi entries. CNOW journa's will automatically indent a credit entry when a credi amount is entored