On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty The supplies account balance on December 31 is $5,865. The supplies on hand on December 31 are $1,330 The unearned rent account balance on December 31 is $4,100 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 $2,030 . Fees eamed but unbilled at December 31 are $18,090 Depreciation of office equipment is $4,500 ournal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF. DERIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 4 6 7 9 10 11 2. What is the difference between adjusting entries and correcting entries? O 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. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors. Both adjusting entries and correcting entries are a planned part of the accounting process