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At the end of August the first month of operations

Project Description:

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:

 

a. Unbilled fees earned at August 31, $31,900.

b. Depreciation of equipment for August, $7,500.

c. Accrued wages at August 31, $5,200.

d. Supplies used during August, $3,000.

 

1.) Journalize the entries to record the omitted adjustments.

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