At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: Net income for April $120,000 750,000 Total assets at April 30 Total liabilities at April 30 300,000 Total stockholders' equity at April 30 450,000 In preparing the financial statements, adjustments for the following data were overlooked: Supplies used during April, $2,750. Unbilled fees earned at April 30, $23,700. Depreciation of equipment for April, $1,800. Accrued wages at April 30, $1,400. Required: 1. Journalize the entries on April 30 to record the omitted adjustments. 2. Determine the correct amount of net income for April and the total assets, liabilities, and stockholders' equity at April 30. At In Chart of Accounts ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Wages Payable REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 56 Depreciation Expense 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 1. Journalize the entries on April 30 to record the omitted adjustments. General Journal Instructions + JOURNAL DATE DESCRIPTION Adjusting Entries PAGE 10 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 Reported amounts Corrections: Supplies used Unbilled fees earned Equipment depreciation 7 Accrued wages Corrected amounts Corrected Amounts Net Income Total Assets = Total Liabilities+ Total Stockholders' Equity $120,000.00 $750,000.00 $300,000.00 $450,000.00 (2,750.00) (2,750.00) 0.00 (2.750.00)