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Adjusting Entries On May 31, the following data were accumulated to assist the accountant in...

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Accounting

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Adjusting Entries 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 $10,370. - The supplies account balance on May 31 is $3,410. The supplies on hand at May 31 are $970. - Wages accrued but not paid at May 31 are $1,310. - The uneamed rent account balance at May 31 is $10,170, representing the receipt of an advance payment on May 1 of three months? rent from tenants. - Depreciation of office equipment is $1,730. Required: 1. Journalize the adiustino entries reouired at May 31 . If an amount box does not require an entry, leave it blank. 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: 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

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