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Adjusting entriesOn March 31, the following data were accumulated to assist dieaccountant in preparing the adjusting entries for Potomac Realty: . The supplies account balance on March 31 is $5,620. The supplieson hand on March 31 are $1,290.The unearned rent account balance on March 31 is $5,000representing the receipt of an advance payment on March 1 of fourmonths' rent from tenants. . Wages accrued but not paid at March 31 are $2,290.. Fees accrued but unbilled at March 31 are $16,825.. Depreciation of office equipment is $4,600. Instructions1. Journalize the adjusting entries required at March 31.2. Briefly explain the difference between adjusting entries andentries that would be made to correct errors.

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Adjusting entries
On March 31, the following data were accumulated to assist die
accountant in preparing the adjusting entries for Potomac Realty:

. The supplies account balance on March 31 is $5,620. The supplies
on hand on March 31 are $1,290.
The unearned rent account balance on March 31 is $5,000
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 $2,290.
. Fees accrued but unbilled at March 31 are $16,825.
. Depreciation of office equipment is $4,600.

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

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