At the end of December, the first year of operations, the following selected data were taken from the financial statements of Monita Forche, a lawyer:
Net income for year ............ $135,800
Total assets at December 31 ........ 750,000
Total liabilities at December 31 ........ 250,000
Total owner€™s equity at December 31 ..... 500,000
In preparing the financial statements, adjustments for the following data were overlooked:
a. Unbilled fees earned at December 31, $6,700.
b. Depreciation of equipment for December, $3,000.
c. Accrued wages at December 31, $2,150.
d. Supplies used during December, $1,975.
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, liabili ties, 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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Net Income AssetsLiabilitiesEquity Total Total Total Owner's Reported amounts $135,800 $750,000 $250,000 $500,000 Corrections Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) +6,700 +6,700 +6,700 Corrected amounts = -=- =