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 $10,010. b. The supplies account balance on May 31 is $3,290. The supplies on hand at May 31 are $940. c. Wages accrued but not paid at May 31 are $1,260. d. The unearned rent account balance at May 31 is $9,810, representing the receipt of an advance payment on May 1 of three months' rent from tenants. e. Depreciation of office equipment is $1,670. Required: Journalize the adjusting entries required at May 31. May 31 31

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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