Chapter 3 eBook Adjustment Process SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. The account balances after all of the month's transactions were recorded and appear on the first line of the integrated financial statement framework below. Enter the Net income on the Income Statement after recording all the adjustments. Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance expired, $450. 2. Supplies on hand on January 31, $600. 3. Depreciation on building, $1,150. 4. Unearned rent revenue earned, $1,500. 5. Wages owed employees but not paid, $1,450. 6. Services provided but not billed to patients, $2,500. Instructions: Record the adjustments for January using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts. Financial Statement Effects Balance Sheet Assets Liabilities Accounts Unearned Accounts Prepaid + Receivable + Insurance Accumulated Depreciation + Wages Payable Cash + Supplies + Building Land = Payable Revenue + + Balances 18,500 32,250 3,350 1,500 75,000 -5,600 60,000 2,250 13,500 0 pter 3 eBook Balance Sheet Assets Liabilities Accounts Prepaid + Receivable + Insurance + Accumulated - Depreciation + Accounts Payable Unearned Revenue Wages Payable Cash Supplies Building Land + Balances 18,500 32,250 3,350 1,500 75,000 -5,600 60,000 2,250 13,500 0 Jan. 31. Balances Jan. 31. Balances Jan. 31. Balances Jan. 31. Balances Jan. 31. Balances Jan. 31. Balances, Jan. 31 Chapter 3 eBook Balance Sheet Assets Liabilities Stockholders' Equity Unearned Accounts + Receivable + Prepaid Insurance Accumulated - Depreciation + Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings + Supplies + Building Land = Revenue + + + 32,250 3,350 1,500 75,000 -5,600 60,000 2,250 13,500 0 15,000 30,000 124,250 Chapter 3 eBook Income Statement $13,500 Jan. 20. Fees earned $26,000 -3,000 Jan. 25. Fees earned 7,500 16,000 Jan. 30. Wages expense -15,500 -2,500 Jan. 30. Utilities expense -4,250 5,000 Jan. 30. Rent expense -2,650 7,500 Jan. 30. Interest expense -100 -24,000 Jan. 30. Miscellaneous expense -1,500 -4,000 Jan. 31. $8,500 Jan. 31. 10,000 Jan. 31. $18,500 Jan. 31. Jan. 31. Jan. 31. Net income