On December 31, 2015, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:
a. The supplies account balance on December 31 is $6,100. The supplies on hand on December 31 are $1,300.
b. The unearned rent account balance on December 31 is $4,500, representing the receipt of an advance payment on December 1 of three months’ rent from tenants.
c. Wages accrued but not paid at December 31 are $3,000.
d. Fees accrued but unbilled at December 31 are $10,280.
e. Depreciation of office equipment is $1,400.
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.