On May 31, the following data were accumulated to the accountant in preparing the adjusting entries for Oceanside Realty Fees accrued but unbilled at May 31 are 59.290 The supplies account balance on May 31 $3,060. The supplies on hand at May 31 are 570. Wages accrued but not paid at May 31 are 51,170 The unearned rent account balance at Hay 31 1 $9.090, representing the receipt of an advance payment on May 1 of three month rent from tenants Depreciation of office equipment is $1,550 Required: 1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry wave it blank May 31 21 31 > > DI II II II OD II II II II U 11 2. 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 . Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors 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