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At the end of August the first month of operations

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<p><span style="font-family:'Times New Roman';">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:</span></p> <p><span style="font-family:'Times New Roman';"> </span></p> <p><span style="font-family:'Times New Roman';">Net income for August<span>                                    </span>$112,500</span></p> <p><span style="font-family:'Times New Roman';">Total assets at August 31<span>                                </span>650,000</span></p> <p><span style="font-family:'Times New Roman';">Total liabilities at August 31<span>                            </span>225,000</span></p> <p><span style="font-family:'Times New Roman';">Total stockholders’ equity at August 31<span>          </span>425,000</span></p> <p><span style="font-family:'Times New Roman';"> </span></p> <p><span style="font-family:'Times New Roman';">In preparing the financial statements, adjustments for the following data were overlooked:</span></p> <p><span style="font-family:'Times New Roman';"> </span></p> <p><span style="font-family:'Times New Roman';">a. Unbilled fees earned at August 31, $31,900.</span></p> <p><span style="font-family:'Times New Roman';">b. Depreciation of equipment for August, $7,500.</span></p> <p><span style="font-family:'Times New Roman';">c. Accrued wages at August 31, $5,200.</span></p> <p><span style="font-family:'Times New Roman';">d. Supplies used during August, $3,000.</span></p> <p><span style="font-family:'Times New Roman';"> </span></p> <p><strong><span style="font-family:'Times New Roman';">1.) Journalize the entries to record the omitted adjustments.</span></strong></p>

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4.9807692307692 (104 reviews)

$30