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, P$.$C$.$:

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

a$1.$ Unbilled fees earned at May $31,$$$10,490.$

a$2.$ Depreciation of equipment for May, $$4,700.$

a$3.$ Accrued wages at May $31,$$$3,360.$

a$4.$ Supplies used during May, $$2,940.$

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 setting up and completing a columnar table below. Enter account decreases as negative amounts. If an effect is

zero, enter $"0".$ Adjustment a $1$ is presented as an example.