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In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31,$9,540. b. Depreciation of equipment for May,
In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31,$9,540. b. Depreciation of equipment for May, $4,300. c. Accrued wages at May 31,$3,050. d. Supplies used during May, $2,670. 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 corre amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table below. Enter account decreases as negative amount effect is zero, enter "0". Adjustment (a) is presented as an example
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