Chapter $3$ Basic Accounting Systems: Accrual Basis

P$3-2$ Adjustment process

Adjustment data for SLO Health Care Inc. for January are as follows:

Insurance expired, $$450.$

Supplies on hand on January $31,$$$600.$

Depreciation on building, $$1,150.$

Unearned rent revenue earned, $$1,500.$

Wages owed employees but not paid, $$1,450.$

Services provided but not billed to patients, $$2,500.$

Instructions

Based on the transactions recorded in January for Problem $3-1,$ record the adjustments for January using the integrated financial statement framework. Enter the net income under Income Statement column after recording all the adjustments.