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: 1. Journalize the adjusting entries required at December 31. Refer to the chals of accounts for the exact wording of the account titles. CNOW Journals do not use Nnes for journal explanations. Every Nne on a journal page is used for debit or credit entries. CNOW joumals will automatically indont a credit entry when a credit amount is entered. 2. What is the difference between adjusting entries and correcting entries? 1 Jourmalize 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 entrlos. CNOW Joumats will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries