On March 31, the following data wero accumulated to assist the accountant in preparing the ad/usting entries for Potomac Healty: - The supples account balance on March 31 is $5,225, the supplies on hand on March 31 are $1,275. - The unearned rent account balance on March 31 is $5,700 representing the receipt of an advance payment on March 1 of four months' rent from tenants. - Wages accrued but not paid at March 31 are $2,485. - Fees accrued but unbilled at March 31 are \$16,245. - Depreciason of otfice equiprnent is \$4,005. Aequired: 1. Journakize the adjusting entries required at March 31. Refor to the Chart of Accounts for exact wording of accoint mies. 2. What is the dillerence betweon adjusting entries and correcting entiner? Potomac Realty General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid insurance EXPENSES 15 Land 51 Advertising Expense 16 Office Equipment 52 Insurance Expense 17 Accumulated Depreciation-Office Equipment 53 Rent Expense 54 Wages Expense LIABILITIES 55 Supplies Expense 21 Accounts Payable 22 Unearned Rent 57 Depreciation Expense 23 Wages Payable 59 Miscellaneous Expense 24 Taxes Payable EQUITY 31 Common Stock 32. Retained Eamings 33 Dividends