Answer Happy

Adjusting Entries and Errors At the end of June, the first month of operations, the following selected data were taken from the financial statements of Beth Cato, an attorney: Net income for June $131,700 Total assets at June 30 709,000 Total liabilities at June 30 234,000 Total owner's equity at June 30 475,000 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at June 30, $5,840. b. Depreciation of equipment for June, $2,600. c. Accrued wages at June 30, $1,870. d. Supplies used during June, $1,640. 1. Journalize the entries to record the omitted adjustments. 0.0
Print item b. d. 2. Determine the correct amount of net income for June and the total assets, liabilities, and owner's equity at June 30. In addition to indicating the corrected amounts, dicate the effect of each omitted adjustment by setting up and completing a columnar table below. Use the minus sign to indicate decreases. If an effect is zero, enter "0". Adjustment (a) is presented as an example. Total Assets = Total Liabilities Net Income $131,700 Total Owner's Equity $475,000 Reported amounts $709,000 $234,000 Corrections: Adjustment (a) +5,840 +5,840 +5,840 Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts 0000 000