On October 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:
• The supplies account balance on October 31 is $8,125. The supplies on hand on October 31 are $1,150.
• The unearned rent account balance on October 31 is $7,000 representing the receipt of an advance payment on October 1 of four months’ rent from tenants.
• Wages accrued but not paid at October 31 are $3,500.
• Fees accrued but unbilled at October 31 are $23,000.
• Depreciation of office equipment is $3,000.

Instructions
1. Journalize the adjusting entries required at October 31.
2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors.