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 $14,690.

b. The supplies account balance on May 31 is $4,830. The supplies on hand at May 31 are $1,380.

c. Wages accrued but not paid at May 31 are $1,850.

d. The unearned rent account balance at May 31 is $14,400, representing the receipt of an advance payment on May 1 of three months' rent from tenants.

e. Depreciation of office equipment is $2,450.

Adjusting Entries 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 $14,690. b. The supplies account balance on May 31 is $4,830. The supplies on hand at May 31 are $1,380. c. Wages accrued but not paid at May 31 are $1,850. d. The unearned rent account balance at May 31 is $14,400, representing the receipt of an advance payment on May 1 of three months' rent from tenants. e. Depreciation of office equipment is $2,450. Required: Journalize the adjusting entries required at May 31. May 31 31 II 31 May 31 31 31 0 0 0 0 I II II 31 31 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