Instructions Chart of Accounts Journal Final Question Instructions The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. The unearned rent account balance on December 31 is $9,000 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 $3,220. Fees earned but unbilled at December 31 are $18,750. Depreciation of office equipment is $2,900. Required: 1. Journalize the adjusting entries required at December 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 General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 16 Office Equipment 17 Accumulated Depreciation Office Equipment 51 Advertising Expense 52 Insurance Expense 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Journal 1. Journalize the adjusting entries required at December 31. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 3 5 6 7 8 9 10 11