PR 3-1A Adjusting entries OBJ. 2, 3, 4 On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty: The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are $320. The unearned rent account balance on December 31 is $10,350 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 $3.710. Fees earned but unbilled at December 31 are $21,610. Depreciation of office equipment is $3,340. Instructions 1. Journalize the adjusting entries required at December 31. 2. Briefly explain the difference between adjusting entries and entries that would be made to correct errors