On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:

The supplies account balance on December 31 is $5,450. The supplies on hand on December 31 are $1,460

.The unearned rent account balance on December 31 is $4,700 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 $2,375.

Fees earned but unbilled at December 31 are $18,920.Depreciationof office equipment is $4,965.

1.Journalize the adjusting entries required at December 31.

2.What is the difference between adjusting entries and correcting entries?