On May 31, the foliowing dato were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: - Fees accrued but unbilied ot May 31 are 514,530 . - The supples account bolance on May 31 is 54,780 . The supplies on hand at May 31 are 51,370. - Wages accrued but not paid at May 31 are 51,830 . - The unearned rent account balance ot May 31 is 514,250 , representing the receipt of an advance payment on May 1 of three months' rent from tenants. - Bepreciation of office equipment is 52,430. Requiredi Journalize the adjusting entries required at May 31. If an amount box does not requlre on entry, leave it blank- What is the difference between adjusting entries and correcting entries? a. Both adjustany entries and correcting entries are o plonned part of the accounting process: b. Adjusting entries are a planned port of the accounting process, correcang entries are not planned but arlse wheh necessary to correct errors. c. Both adjusting entries and correcting entres are not a plonned part of the accounting process. a. Correcting entries are a planned part of the accounting process, odjusting entries are not planned but arise when necessary to adjust errors