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 $12,740. The supplies account balance on May 31 is $4,190. The supplies on hand at May 31 are $1,200. Wages accrued but not paid at May 31 are $1,610. The unearned rent account balance at May 31 is $12,480, representing the receipt of an advance payment on

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 $12,740. - The supplies account balance on May 31 is $4,190. The supplies on hand at May 31 are $1,200. - Wages accrued but not paid at May 31 are $1,610. - The unearned rent account balance at May 31 is $12,480, representing the receipt of an advance payment on May 1 of three months' rent from tenants. - Depreciation of office equipment is $2,130. 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