At the end of June, the first month of operations, the following selected data were taken from the financial statements of Teryse Weire, Attorney at Law, P.C.:

In preparing the financial statements, adjustments for the following data were overlooked:

a. Supplies used during June, \(\$ 1,800\).

b. Unbilled fees earned at June \(30, \$ 11,600\).

c. Depreciation of equipment for June, \(\$ 4,950\).

d. Accrued wages at June 30, \(\$ 2,250\).
{Instructions}
1. Journalize the entries to record the omitted adjustments.
2. Determine the correct amount of net income for June and the total assets, liabilities, and stockholders' equity at June 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. Adjustment

(a) is presented as an example.obj. 3

Transcribed Image Text:

Net income for June $155,000 Total assets at June 30 350,000 Total liabilities at June 30 120,000 Total stockholders' equity at June 30 230,000