usting entries Instructions Chart of Accounts Journal Final Question structions On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Reaty: The supplies account balance on December 31 is $5,865. The supplies on hand on December 31 are $1,330. The uneamed rent account balance on December 31 is $4,100 representing the receipt of an advance payment on December 1 of five months rent from tenants. Wages accrued but not paid at December 31 are $2,030. Fees earned but unbilled at December 31 are $18,090. Depreciation of office equipment is $4,500. Required: 1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal expianations. Every line on a journal page is used for debitor credil entries. CNOW Journals ww automatically indent a credit entry when a credit amount is entered. 2. What is the aimerence between adjusting entries and correcting entstes? 1. Jumature the adjusting is required on December 31. Roter to the chart of accounts for a wording of the accounts. GNOWjours do not use ines for ouma explanations. Every ine on a jouma page is used for det or creates CNOW Jumal wil omtaly Indest a credit anty when a credit amount is entered. PAGE 10 JOURNAL WE ACCOUNTING EQUATION DESCEPTION Adjusting Entries POSTRE DOUT CREEN ASSETS LILIES COLATY de My Wormone Che Way Works remaining Previous Next > All work saved Estructor Save and all Submit Assignment for Grading uma Question What is the difference between adjusting entries and correcting entries? Both adjusting entries and correcting entries are 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. Both adjusting entries and correcting entries are not a planned part of the accounting process. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. 7 1 10 11 My work more Check My Work uses remaining Previous