The supplies account balance on March 31 is $6,620, the supplies on hand on March 31 are $1,290. The unearned rent account balance on March 31 is $5,000 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 $2,290. Fees accrued but unbilled at March 31 are $16,825 Depreciation of office equipment is $4,600. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries? UVUVI Chart of Accounts ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 16 Office Equipment 17 Accumulated Depreciation Office Equipment 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Wages Expense 55 Supplies Expense LIABILITIES 21 Accounts Payable 56 Utilities Expense uctions Chart of Accounts LIABILITIES 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 21 Accounts Payable 22 Unearned Rent 23 Wages Payable 57 Depreciation Expense 59 Miscellaneous Expense 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Instructions Chart of Accounts Journal Final Question HI Journal DATE DESCRIPTION POST. RER DEBIT CREDIT ASSETS LABUITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 10