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 $8,060. The supplies account balance on May 31 is $2,650. The supplies on hand at May 31 are $760. Wages accrued but not paid at May 31 are $1,020. The unearned rent account balance at May 31 is $7,890, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $1,350.

Required:

Question Content Area

Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
May 31	Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees
	Accounts PayableAccounts ReceivableCashFees EarnedUnearned Fees
31	Accounts ReceivableCashSuppliesSupplies ExpenseSupplies Payable
	Accounts ReceivableCashSuppliesSupplies ExpenseSupplies Payable
31	Accounts ReceivableCashPrepaid WagesWages ExpenseWages Payable
	Accounts ReceivableCashPrepaid WagesWages ExpenseWages Payable
31	Accounts ReceivableCashRent ExpenseRent RevenueUnearned Rent
	Accounts ReceivableCashRent ExpenseRent RevenueUnearned Rent
31	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation ExpenseEquipment
	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation ExpenseEquipment

Question Content Area

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.