On December 31, following data were accumulated for preparing the adjusting entries for Bellingham Realty: 1. The supplies account balance on December 31 is $ 1,375. The supplies on hand on December 31 are $280. 3. The unearned rent account balance on December 31 is $9,000 representig the receipt of an advance payment on December 1 for four month's rent from tenants. 4. wages accrued but not paid at December 31 are $3,220 5. fees earned but unbilled at December 31 are $18,750 6. Depreciation of office equipment is $ 2,900

Instructions 1. Journalize the adjusting entries required at December 31. 2.Briefly explain the diference between adjusting entries and entries that would be made to correct errors.