Instructions Final Question x On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty 2. What is the difference between adjusting entries and correcting entries? O Both adjusting entries and correcting entries are a planned part of the accounting process O Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. . The supplies account balance on March 31 is $5.635. the supplies on hand on March 31 are $1.495. The unearned rent account balance on March 31 is $4.600 representing the receipt of an advance payment on March 1 of four months' rent from tenants. Wages accrued but not paid at March 31 are $2.035. Fees accrued but unbilled at March 31 are $15.450. Depreciation of office equipment is $4,420 O 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. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries? Journal 1. Journalize the adjusting entries required on March 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 10