On July 31, 2008, the following data were accumulated to assist the accountant in preparing the adjusting entries for Fremont Realty: a. The supplies account balance on July 31 is $1,975. The supplies on hand on July 31 are $625. b. The unearned rent account balance on July 31 is $3,750, representing the receipt of an advance payment on July 1 of three months' rent from tenants. c. Wages accrued but not paid at July 31 are $1,000 d. Fees accrued but unbilled at July 31 are $12,275. e. Depreciation of office equipment is $850. Instructions 1. Journalize the adjusting entries required at July 31, 2008. 2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors