Adjusting Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty Fees accrued but unbilled at May 31 are $11,610. The supplies account balance on May 31 is $3,8 20. The supplies on hand at May 31 are $1,090 Wages accrued but not paid at May 31 are $1,460 The unearned rent account balance at May 31 is $11,370, representing the receipt of an advance payment on May 1 of three manths' rent from tenants. Depreciation of office equipment is $1,940 Required: Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank May 31 31 31 31 31 Net Jurnu ne adjusting entries required at May 31. If an amount box does not require an entry, leave it blank May 31 IB III 31 31 31 31 8 Accounting numeric field What is the difference between adjusting entries and correcting entries? a. Both adjusting entries and correcting entries are a planned part of the accounting process. b. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. c. Both adjusting entries and correcting entries are not a planned part of the accounting process, d. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors