At the end of December, the first month of operations, the following selected data were taken from the financial statements of Beth Cato, a lawyer:
Net income for December .............$125,750
Total assets at December 31 ............500,000
Total liabilities at December 31 ............180,000
Total owner€™s equity at December 31 .........320,000
In preparing the financial statements, adjustments for the following data were overlooked:
a. Supplies used during December, $3,100.
b. Unbilled fees earned at December 31, $18,750.
c. Depreciation of equipment for December, $2,700.
d. Accrued wages at December 31, $1,850.
Instructions
1. Journalize the entries to record the omitted adjustments.
2. Determine the correct amount of net income for the year and the total assets, liabilities, and owner€™s equity at December 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.

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Total Total Net IncomeAssetsLiabilities+ Total Owner's Equity Reported amounts $125,750 $500,000 $180,000 $320,000 Corrections Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts -3,100 -3,100 -3,100