Adjusting Entries and Errors

c Financial Accounting and Reporting 2021 SCORE: PROFESSOR: SECTIU: Problem #15 Adjusting Entries and Errors At the end of June 2020, the first month of operations, the following selected data were taken from the financial statements Janet Matuguinas, CPA: Profit for June P 39,750 Total assets at June 30 189,700 Total liabilities at June 30 20,200 Total owner's equity at June 30 169,500 In preparing the financial statements, adjustments for the following were overlooked: a. Supplies used during June, P1,750. b. Unbilled fees earned at June 30, P2,900. c. Depreciation equipment for June, P2,500. d. Accrued salaries at June 30, P1,500. Required: 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of profit for June and the total assets, liabilities and owner's equity at June 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing the columnar table below. Total Total Owner's Profit Assets Liabilities Equity Reported amounts P39,750 P189,700 P20,200 P169,500 Corrections: Adjustment (a) (b) (c) (d) Corrected amounts