On October 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:

The supplies account balance on October 31 is $8,125. The supplies on hand on October 31 are $1,150.

The unearned rent account balance on October 31 is $7,000 representing the receipt of an advance payment on October 1 of four months rent from tenants.

Wages accrued but not paid at October 31 are $3,500.

Fees accrued but unbilled at October 31 are $23,000.

Depreciation of office equipment is $3,000.

INSTRUCTIONS

Journalize the adjusting entries required at October 31.

Briefly explain the difference between adjusting entries and entries that would be made to correct errors.