Instructions Chart of Accounts Journal Final Question Instructions 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. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries? Chart of Accounts CHART OF ACCOUNTS Potomac Realty General Ledger REVENUE 41 Fees Earned 42 Rent Revenue ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Accumulated Depreciation Office Equipment EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Wages Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Instructions Chart of Accounts Journal Final Question Instructions Chart of Accounts Journal 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL DESCRIPTION PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIEQUITY DATE PRET DEBIT CREDIT Adjusting Entries Final Wuesuun 2. What is the difference between adjusting entries and correcting entries? Both adjusting entries and correcting entries are not a planned part of the accounting process. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise wher errors. Both adjusting entries and correcting entries are a planned part of the accounting process. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors