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 $$5,225.$ The supplies on hand on December $31$ are $$1,275.$

The unearned rent account balance on December $31$ is $$5,700$ 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 $$2,485.$

Fees earned but unbilled at December $31$ are $$16,245.$

Depreciation of office equipment is $$4,005.$

Required:

Journalize 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 journal page is used for debit or credit entries.

CNOW journals will automatically indent a credit entry when a credit amount is entered.

What is the difference between adjusting entries and correcting entries?