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On May $31,$ the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:

$$ Fees accrued but unbilled at May $31$ are $$11,430.$

$$ The supplies account balance on May $31$ is $$3,760.$ The supplies on hand at May $31$ are $$1,070.$

$$ Wages accrued but not paid at May $31$ are $$1,440.$

$$ The unearned rent account balance at May $31$ is $$11,190,$ representing the receipt of an advance payment on May $1$ of three months' rent from tenants.

$$ Depreciation of office equipment is $$1,910.$

Required:

Question Content Area

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

DateAccountDebitCredit

May $31$

Accounts Receivable

$11,430$

Fees Earned

$11,430$

$31$

Supplies Expense

Supplies

$31$

Wages Expense

Wages Payable

$31$

Unearned Rent

Rent Revenue

$31$

Depreciation Expense

Accumulated Depreciation$-$Equipment

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.

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