On December $31,$ the following data were accumulated for preparing the adjusting entries for Flagship Realty:The supplies account balance on December $31$ is $$5,210.$ The supplies on hand on December $31$ are $$1,135.$The unearned rent account balance on December $31$ is $$5,600$ representing the receipt of an advance payment on December $1$ of five months rent from tenants.Wages accrued but not paid at December $31$ are $$2,125.$Fees earned but unbilled at December $31$ are $$18,625.$Depreciation of office equipment is $$4,805.$Required:$1.$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$\mathrm{.}2.$What is the difference between adjusting entries and correcting entries? CHART OF ACCOUNTSFlagship RealtyGeneral LedgerASSETS$11$Cash$12$Accounts Receivable$13$Supplies$14$Prepaid Insurance$15$Land$16$Office Equipment$17$Accumulated Depreciation$-$Office EquipmentLIABILITIES$21$Accounts Payable$22$Unearned Rent$23$Wages Payable$24$Taxes PayableEQUITY$31$Common Stock$32$Retained Earnings$33$DividendsREVENUE$41$Fees Earned$42$Rent RevenueEXPENSES$51$Advertising Expense$52$Insurance Expense$53$Rent Expense$54$Wages Expense$55$Supplies Expense$56$Utilities Expense$57$Depreciation Expense$59$Miscellaneous Expense$1.$ Journalize the adjusting entries required on 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$\mathrm{.}2.$ 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 when necessary to correct 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.