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Adjustments and Errors at Law, P.C.: In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31,$9,700
Adjustments and Errors at Law, P.C.: In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31,$9,700 b. Depreciation of equipment for May, $8,000 c. Accrued wages at May 31,$1,150 d. Supplies used during May, $975 Instructions: Determine the correct amount of net income for May and the total assets, liabilities, and stockholders' equity at May 31 . In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by completing the columnar table below. Adjustment (a) is presented as an example. Enter account decreases as negative amounts. If your answer is zero enter "0". In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31,$9,700 b. Depreciation of equipment for May, $8,000 c. Accrued wages at May 31,$1,150 d. Supplies used during May, $975 Instructions: example. Enter account decreases as negative amounts. If your answer is zero enter "0
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