On May $31,$ the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

a$.$ Fees accrued but unbilled at May $31$ are $$8,230.$

b$.$ The supplies account balance on May $31$ is $$2,710.$ The supplies on hand at May $31$ are $$770.$

c$.$ Wages accrued but not paid at May $31$ are $$1,040.$

d$.$ The unearned rent account balance at May $31$ is $$8,070,$ representing the receipt of an advance payment on May $1$ of three months' rent from tenants.

e$.$ Depreciation of office equipment is $$1,370.$

Required:

Question Content Area

Journalize the adjusting entries required at May $31.$

May $31$

$31$

$31$

$31$

$31$

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What is the difference between adjusting entries and correcting entries?

Both adjusting entries and correcting entries are a planned part of the accounting process.

Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.

Both adjusting entries and correcting entries are not a planned part of the accounting process.

Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.