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

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Accounting

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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 $11,840. - The supplies account balance on May 31 is $3,900. The supplies on hand at May 31 are $1,110. - Wages accrued but not paid at May 31 are $1,490. - The unearned rent account balance at May 31 is $11,610, representing the receipt of an advance payment on May 1 of three months' rent from tenants. - Depreciation of office equipment is $1,980. 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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