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 $5,925. The supplies on hand on October 31 are $1,275. The unearned rent account balance on October 31 is $5,200 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 $2,320. Fees accrued but unbilled at October 31 are $18,220. Depreciation of office equipment is $4,350. Required: 1. Journalize the adjusting entries required at October 31. 2 What is the difference between adjusting entries and correcting entries? CHART OF ACCOUNTS Bickle 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 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 16 Office Equipment 17 Accumulated Depreciation-Office Equipment LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Wages Payable 24 Taxes Payable 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends General Joum Instructions 3 DESCRIPTION JOURNAL DATE Adjusting Entries PAGE 10 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 3 4 5 6 7 DATE 8 9 10 10 11 = Adjusting Entries 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. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. Both adjusting entries and correcting entries are a planned part of the accounting process.