Financial and Managerial Accounting 12 continuing problem Chapter 3 pg 145-146

2. Determine balances lllt the an adjusted trial balance. OBJ, 2, 3 PR 3-6B Adjusting entries and errors the following selected data were At the end of August, the month of operations, an attorney: taken from the financial statements Tucker $112,500 Net income for August 650,000 Total assets at August 31 225,000 Total liabilities at August 31 425,000 Total stockholders' equity at August 31 were overlooked: In preparing the financial statements, adjustments for the following data 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. Instructions adjustments. 1. Journalize the entries to record the omitted and the total assets, liabilities, 2. Determine the correct amount of net income for August amounts, and stockholders' equity at August 31. In addition to indicating the corrected columnar indicate the effect of each omitted adjustment by setting up and completing a table similar to the following. Adjustment (a) is presented as an example. Total Total Total Stockholders' Net Equity Liabilities $112,500 $650,000 $225.000 $425,000 Reported amounts Correction +31,900 +31,900 +31,900 Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts ng Problem The unadjusted trial balance that you prepared for Ps Music at the end of Chapter 2 should appear as shown on the following page. (Continued) 2. Determine balances lllt the an adjusted trial balance. OBJ, 2, 3 PR 3-6B Adjusting entries and errors the following selected data were At the end of August, the month of operations, an attorney: taken from the financial statements Tucker $112,500 Net income for August 650,000 Total assets at August 31 225,000 Total liabilities at August 31 425,000 Total stockholders' equity at August 31 were overlooked: In preparing the financial statements, adjustments for the following data 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. Instructions adjustments. 1. Journalize the entries to record the omitted and the total assets, liabilities, 2. Determine the correct amount of net income for August amounts, and stockholders' equity at August 31. In addition to indicating the corrected columnar indicate the effect of each omitted adjustment by setting up and completing a table similar to the following. Adjustment (a) is presented as an example. Total Total Total Stockholders' Net Equity Liabilities $112,500 $650,000 $225.000 $425,000 Reported amounts Correction +31,900 +31,900 +31,900 Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts ng Problem The unadjusted trial balance that you prepared for Ps Music at the end of Chapter 2 should appear as shown on the following page. (Continued)