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Category > Accounting Posted 26 Sep 2017 My Price 9.00

Beth Cato, an attorney

PR 3-6A Adjusting entries and errors

At the end of June, the first month of operations, the following selected data were taken from the financial statements of Beth Cato, an attorney:

Net income for June

$80,000

Total assets at June 30

500,000

Total liabilities at June 30

200,000

Total owner’s equity at June 30

300,000

In preparing the financial statements, adjustments for the following data were overlooked:

a. Supplies used during June, $1,500.

b. Unbilled fees earned at June 30, $18,000.

c. Depreciation of equipment for June, $3,000.

d. Accrued wages at June 30, $1,200.

Instructions

1. Journalize the entries to record the omitted adjustments.

2. Determine the correct amount of net income for June and the total assets, liabilities, and owner’s equity at June 30. 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.

 

Net

Total

Total

Total Owner’s
 

Income

Assets =

Liabilities +

Equity

Reported amounts

$80,000

$500,000

$200,000

$300,000

Corrections:

        

Adjustment (a)

–1,500

–1,500

0

–1,500

Adjustment (b)

        

Adjustment (c)

        

Adjustment (d)

        

Corrected amounts

    

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 9.00

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