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 $7,300. The supplies account balance on May 31 is $2,400. The supplies on hand at May 31 are $690. Wages accrued but not paid at May 31 are $920. The unearned rent account balance at May 31 is $7,140, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $1,220. Required: Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank. May 31 18 8 31 31 > 10 11 31 31 What is the difference between adjusting entries and correcting entries? . 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