On December 31, 2015, the following data were accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty:
a. Fees accrued but unbilled at December 31 are $4,900.
b. The supplies account balance on December 31 is $3,975. The supplies on hand at December 31 are $1,050.
c. Wages accrued but not paid at December 31 are $2,500.
d. The unearned rent account balance at December 31 is $11,000, representing the receipt of an advance payment on December 1 of three months’ rent from tenants.
e. Amortization of office equipment is $1,100.
1. Journalize the adjusting entries required at December 31, 2015.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors, which was discussed in Chapter 2.