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 $14,400.

b. The supplies account balance on May 31 is $4,740. The supplies on hand at May 31 are $1,350.

c. Wages accrued but not paid at May 31 are $1,810.

d. The unearned rent account balance at May 31 is $14,100, representing the receipt of an advance payment on May 1 of three months' rent from tenants.

e. Depreciation of office equipment is $2,400.

Required:

1. Journalize the adjusting entries required at May 31.

2. What is the difference between adjusting entries and correcting entries? (multiple choice)

1. Both adjusting entries and correcting entries are a planned part of the accounting process.
2. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.
3. Both adjusting entries and correcting entries are not a planned part of the accounting process.
4. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.

Required: Journalize the adjusting entries required at May 31. May 31 31 I o 31 31 31