Study Problem 3-6B on page 155. Explain the effect that each adjustment that wasn't made had on Tucker Jacob's income statement and balance sheet.

PR 3-6B Adjusting entries and errors At the end of August, the first month of operations, the following ta were selected taken from the financial statements of Tucker Jacobs, an attorney Net income for August Total assets at August 31 Total liabilities at August 31 Total owner's equity at August 31 $112,500 650,000 225,000 425,000 overlooked: In preparing the financial statements, adjustments for the following data were Unbilled fees earned at August 31, $31,900. . Deprecia . Accrued wages at August 31, $5,200. . Supplies used during August, $3,000. tion of equipment for August, $7,500. Instructions 1. Journalize the entries to record the omitted adjustments 2. Determine the correct amount of net income for August and the tota assets, liabilities and owner's equity at August 31. In addition to indicating the corrected amounts, in dicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The first adjustment is presented as an example. Total Total Owner's Total Assets Liabilities Net Equ $425,000 +31,900 Income Reported amounts Corrections: $112,500 $650,000 $225,000 Unbilled fees earned Equipment depreciation Accrued wages Supplies used +31,900 +31,900 0 Corrected amounts