Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, PC. : Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $194,300 1,034,000 341,000 693,000 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $7,220 b. Depreciation of equipment for May, $3,200 c. Accrued wages at May 31, $2,310. d. Supplies used during May, $2,020 Determine the correct amount of net income for May and the total assets, liabilities, and stockholders equity at ay 3 addition to ndicat ng the conected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table below. Enter account decreases as negative amounts. If an effect is zero, enter "O". Adjustment (a) is presented as an example. Net Income Total AssetsTotal Liabilities Total Stockholders' Equity Reported amounts:$194,300$1,034,000 Corrections: Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts $193,990 1,036,00 $341,000 $693,000 7,220 7,220 0 7,220 0 2,310 Corrected amounts 193,99006,00 343,310 692,690