structions December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty The supplies account balance on December 31 is $5.210. The supplies on hand on December 31 are $1,135. The uneamed rent account balance on December 31 is $5,600 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 $2.125 Fees eamed but unbilled at December 31 are $18.625 Depreciation of office equipment is $4.805 Required: 1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the accounts CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 2. What is the difference between adjusting entries and comecting entries? inal Question O What is the difference between adjusting entries and correcting entries? O Both adjusting entries and correcting entries are not a planned part of the accounting process O Both adjusting entries and correcting entries are a planned part of the accounting process O Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust entors O Adjusting entries are a planned part of the accounting process, comecting entries are not planned but arise when necessary to correct errors Journal 1. Journalize the adjusting entries required on December 31. Refer to the chart of accounts for the exact wording of the account stes CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered JOURNAL PAGE 10 ACCOUNTING EQUATION EQUITY DATE POST EX DEBIT CREDIT DESCRIPTION Adjusting Entries ASSETS LIABILITIES Chart of Accounts CHART OF ACCOUNTS Flagship Realty General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 15 Office Equipment 17 Accumulated Depreciation- Office Equipment LIABILITIES 21 Accounts Payable 22 Uneamed Rent 23 Wages Payable 24 Taxes Payable REVENUE 41 Fees Eamed 42 Rent Revenu EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expens 54 Wages Expense 55 Supplies Expense 56 Usis Expense 57 Depreciations Expense 59 Miscellaneou Expense