Adjusting Entries and Errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $167,300 Total assets at August 31 917,000 Total liabilities at August 31 303,000 Total owner's equity at August 31 614,000 In preparing the financial statements, adjustments for the following data were overlooked: Unbilled fees earned at August 31, $7,040. Depreciation of equipment for August, $3,200. Accrued wages at August 31, $2,250. Supplies used during August, $1,970. Required: 1. Journalize the entries to record the omitted adjustments. Aug. 31 31 31 2. Determine the correct amount of net income for August and the total assets, liabilities, and owner's equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by completing the columnar table below. Use the minus sign to indicate decreases. If an effect is zero, enter"O. Adjustment (a) is presented as an example, Tucker Jacobs For the Month of August 31 2 Net Income Total Assets Total Liabilities + Total Owner's Equity Reported amounts $167,300 $917,000 $303,000 $614,000 Corrections: +7,040 +7,040 0 +7,040 Unbilled fees earned Equipment depreciation Accrued wages Supplies used Corrected amounts