At the end of June, the first month of operations, the following selected data were taken from the financial statements
Posted: Fri Jul 01, 2022 8:50 am
At the end of June, the first month of operations, the followingselected data were taken from the financial statements of BethCato, an attorney:
In preparing the financial statements, adjustments for thefollowing data were overlooked:
Question Content Area
1. Journalize the entries to record theomitted adjustments.
Accounts PayableAccounts ReceivableCashFees EarnedFeesExpenseFees PayableUnearned Fees
Accounts PayableAccounts ReceivableCashFees EarnedFeesExpenseFees PayableUnearned Fees
Accumulated Depreciation-EquipmentCashDepreciationExpenseDeprecation PayableEquipment ExpenseEquipmentPayableEquipment
Accumulated Depreciation-EquipmentCashDepreciationExpenseDeprecation PayableEquipment ExpenseEquipmentPayableEquipment
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWagesReceivableUnearned Wages
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWagesReceivableUnearned Wages
Accounts PayableAccounts ReceivableCashSuppliesSuppliesExpenseSupplies PayableSupplies Revenue
Accounts PayableAccounts ReceivableCashSuppliesSuppliesExpenseSupplies PayableSupplies Revenue
Question Content Area
2. Determine the correct amount of netincome for June and the total assets, liabilities, and owner'sequity on June 30. In addition to indicating the corrected amounts,indicate the effect of each omitted adjustment by setting up andcompleting a columnar table below. Use the minus sign to indicatedecreases. If an effect is zero, enter "0". Adjustment (a) ispresented as an example.
In preparing the financial statements, adjustments for thefollowing data were overlooked:
Question Content Area
1. Journalize the entries to record theomitted adjustments.
Accounts PayableAccounts ReceivableCashFees EarnedFeesExpenseFees PayableUnearned Fees
Accounts PayableAccounts ReceivableCashFees EarnedFeesExpenseFees PayableUnearned Fees
Accumulated Depreciation-EquipmentCashDepreciationExpenseDeprecation PayableEquipment ExpenseEquipmentPayableEquipment
Accumulated Depreciation-EquipmentCashDepreciationExpenseDeprecation PayableEquipment ExpenseEquipmentPayableEquipment
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWagesReceivableUnearned Wages
Accounts PayableCashPrepaid WagesWages ExpenseWages PayableWagesReceivableUnearned Wages
Accounts PayableAccounts ReceivableCashSuppliesSuppliesExpenseSupplies PayableSupplies Revenue
Accounts PayableAccounts ReceivableCashSuppliesSuppliesExpenseSupplies PayableSupplies Revenue
Question Content Area
2. Determine the correct amount of netincome for June and the total assets, liabilities, and owner'sequity on June 30. In addition to indicating the corrected amounts,indicate the effect of each omitted adjustment by setting up andcompleting a columnar table below. Use the minus sign to indicatedecreases. If an effect is zero, enter "0". Adjustment (a) ispresented as an example.