Adjusting entries and errors

At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney:

 Net income for August \$112,500 Total assets at August 31 650,000 Total liabilities at August 31 225,000 Total stockholders’ equity at August 31 425,000

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

1. Unbilled fees earned at August 31, \$31,900.

2. Depreciation of equipment for August, \$7,500.

3. Accrued wages at August 31, \$5,200.

4. Supplies used during August, \$3,000.

Instructions

1. Journalize the entries to record the omitted adjustments.

2. Determine the correct amount of net income for August and the total assets, liabilities, and stockholders’ equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. Adjustment (a) is presented as an example.

 Net Income Total Assets = Total Liabilities + Total Stockholders’ Equity Reported amounts \$112,500 \$650,000 \$225,000 \$425,000 Corrections: Adjustment (a) +31,900 +31,900 0 +31,900 Adjustment (b) ____ ____ ____ ____ Adjustment (c) ____ ____ ____ ____ Adjustment (d) ____ ____ ____ ____ Corrected amounts ____ ____ ____ ____

 Date Accounts Title Dr Cr 31-Aug Accounst Receivable \$31,900 Fees revenue \$31,900 31-Aug Depreciation expenses \$7,500 Accumulated Depreciation-Equipment \$7,500 31-Aug Wages expenses \$5,200 Wages payable \$5,200 31-Aug Supplies expenses \$3,000 Supplies \$3,000 Net Income Total Assets = Total Liabilities + Total Stockholders’ Equity Reported amounts \$112,500 \$650,000 \$225,000 \$425,000 Corrections: Adjustment (a) 31,900 31,900 0 31,900 Adjustment (b) -7500 -7500 0 -7500 Adjustment (c) -5200 0 5200 -5200 Adjustment (d) -3000 -3000 0 -3000 Corrected amounts \$128,700 \$671,400 \$230,200 \$441,200
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