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

	The supplies account balance on December 31 is $5,635. The supplies on hand on December 31 are $1,495.
	The unearned rent account balance on December 31 is $4,600 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 $2,035.
	Fees earned but unbilled at December 31 are $15,450.
	Depreciation of office equipment is $4,420.

	Required:
1.	Journalize the adjusting entries required at December 31. Refer to the Chart of Accounts for exact wording of account titles.
2.	What is the difference between adjusting entries and correcting entries?

CHART OF ACCOUNTS

Bellingham Realty

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Office Equipment
17	Accumulated Depreciation-Office Equipment

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Wages Payable
24	Taxes Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned
42	Rent Revenue

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense