Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for the year ended April 30, 2022. She is concerned that there are a number of errors in all documents made by her accountants Required: Determine what those errors are and correctly recalculate amounts in all documents. Journal Entries: a) Cash 6,500 Dana Bowen, Capital 6,500 b) Equipment 2,500 Dana Bowen, Capital 2,500 c) Rent Expense 400 Cash 400 d) Cash 400 Fees Earned 400 e) Accounts Receivable 1,250 Fees Earned 1,250 f) Supplies 870 Accounts Payable 870 g) Wages Expense 420 Cash 420 h) Prepaid Insurance 1,940 Cash 1,940 i) Cash 2,500 Fees Earned 2,500 j) Miscellaneous Expense 50 Cash 50 k) Dana Bowen, Drawing 350 Cash 350 1) Cash 930 Unearned Revenue 930 Adjusting Entries: m) Supplies Expense 540 Supplies 540 n) Accounts Receivable 385 Fees Earned 385 o) Insurance Expense 725 Prepaid Insurance 725 p) Accumulated Depreciation 130 Depreciation Expense 130 q) Wages Expense 225 Wages Payable 225 r) Unearned Revenues 590 Fees Earned 590 400 Cash 6,500 400 420 1,940 2,500 50 350 930 Accounts Receivable Supplies Prepaid Insurance 1,250 870 1,940 385 540 725 Equipment Accumulated Depreciation 2,500 130 Unearned Revenues 930 590 Accounts Payable Wages Payable 870 225 Dana Bowen, Capital Dana Bowen, Drawing Income Summary 6,500 2,500 350 Fees Earned Wages Expense Rent Expense Supplies Expense 900 420 400 540 1,250 225 2,500 385 590 Insurance Expense Depreciation Expense Miscellaneous Expense 725 130 50 Dana Bowen Company End-of-Period Spreadsheet For the Year Ended April 30 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 7,170 7,170 Accounts Receivable 1,250 385 2,500 Prepaid Insurance 1,940 725 1,215 Supplies 870 540 330 Equipment 2,500 2,500 Accumulated Depreciation 130 310 Unearned Revenue 930590 340 Accounts Payable 870 870 Wages Payable 225 225 Dana Bowen, Capital 9,000 9,000 Dana Bowen, Drawing 350 350 Fees Earned 2,900 2,725 5,620 Wage Expense 400 225 645 Rent Expense 400 400 Supplies Expense 540 540 Insurance Expense 725 725 Depreciation Expense 130 130 Miscellaneous Expense 50 50 15,930 13,700 2,595 4,345 16,895 16,025 Totals Dana Bowen Company Income Statement For the Year Ended April 30 Fees earned $5,625 Expenses: Insurance expense $725 Wages expense 645 Supplies expense 540 Rent expense 400 Depreciation expense 130 Miscellaneous expense 50 2,490 Total expenses Net income $3.135 Dana Bowen Company Statement of Owner's Equity For the Year Ended April 30 Dana Bowen capital, May 1 EA $ 0 Investment $2,000 Net income for the period 3,135 Less withdrawals (350) Total change in owner's equity 11,785 Dana Bowen, capital, April 30 $11.785 Dana Bowen Company Balance Sheet April 30 Assets Liabilities Current assets: Current liabilities: $7,170 $ Cash Accounts payable 870 Accounts receivable 1,635 Wages payable 225 Supplies 330 Unearned revenues 340 Prepaid insurance 1,215 Supplies 330 Total current assets $10,850 Total liabilities $ 1.435 Pronety plant, & equipment: Equipment Less accumulated depr. Total assets $2,500 Owner's Equity 130 2,630 $13.200 Dana Bowen, capital Total liabilities and owner's equity 9,000 $10.435 Closing Entries: s) Fees Earned 5,625 Income Summary 5,625 t) Income Summary 2,490 Wages Expense 645 Rent Expense 400 Supplies Expense 540 Insurance Expense 725 Depreciation Expense 130 Miscellaneous Expense 50 u) Income Summary 1,135 Dana Bowen, Capital 1,135 v) Dana Bowen, Drawing 350 Dana Bowen, Drawing 350 Dana Bowen Company Post-Closing Trial Balance April 30 Cash 7,170 Accounts Receivable 2,500 Prepaid Insurance 1,215 Supplies 330 Equipment 2,500 Accumulated Depreciation 310 Unearned Revenues 340 Accounts Payable 870 Wages Payable 225 Dana Bowen, Capital 11,785 Total 13,715 13,530