On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty: The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are $320. The unearned rent account balance on December 31 is $10,350 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 $3.710. * Fees earned but unbilled at December 31 are $21,810. - Depreciation of office equipment is $3,340. Required: 1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. ONOW journals will automatically indent a credt entry when a credit amount is entered 2. What is the difference between adjusting entries and correcting entries? CHART OF ACCOUNTS Flagship Realty General Ledger REVENUE ASSETS 41 Fees Earned 11 Cash 42 Rent Revenue 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Advertising Expense 15 Land 52 Insurance Expense 18 Office Equipment 53 Rent Expense 17 Accumulated Depreciation Office Equipment 54 Wages Expense LIABILITIES 55 Supplies Expense 21 Accounts Payable 68 Utilities Expense 22 Unearned Rent 57 Depreciation Expense 23 Wages Payable 59 Miscellaneous Expense 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividende 1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. ONOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDITI ASSETS LIABIUTIES EQUITY 1 1 Adjusting Entries 2 3 4 15 7 8 19 10 2. What is the difference between adjusting entries and correcting entries? Both adjusting entries and correcting entries are not a planned part of the accounting process. Both adjusting entries and correcting entries are a planned part of the accounting process. O 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