On March 31, the following data were accumulated to assist

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

a. The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.

b. 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.

c. Wages accrued but not paid at March 31 are $2,290

d. Fees accrued but unbilled on March 31 are $16,825.

e. Depreciation of office equipment is $4,600.

Required:

1. Journalize the adjusting entries required on March 31.

2. What is the difference between adjusting entries and correcting entries?