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 $$9,200.$

The supplies account balance on May $31$ is $$3,030.$ The supplies on hand at May $31$ are $$860.$

Wages accrued but not paid at May $31$ are $$1,160.$

The unearned rent account balance at May $31$ is $$9,030,$ representing the receipt of an advance payment on May $1$ of three months' rent from tenants.

Depreciation of office equipment is $$1,540.$

Required:

Journalize the adjusting entries required at May $31.$ If an amount box does not require an entry, leave it blank.

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.