At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Line Item Description Amount Net income for August $112,500 Total assets at August 31 650,000 Total liabilities at August 31 225,000 Total stockholders' equity at August 31 425,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $31,900.• Depreciation of equipment for August, $7,500.• Accrued wages at August 31, $5,200.• Supplies used during August, $3,000. Required: Question Content Area 1. Journalize the entries to record the omitted adjustments. If an amount box does not require an entry, leave it blank.
At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Line Item Description Amount Net income for August $112,500 Total assets at August 31 650,000 Total liabilities at August 31 225,000 Total stockholders' equity at August 31 425,000 In preparing the financial statements, adjustments for the following data were overlooked: • Unbilled fees earned at August 31, $31,900.• Depreciation of equipment for August, $7,500.• Accrued wages at August 31, $5,200.• Supplies used during August, $3,000. Required: Question Content Area 1. Journalize the entries to record the omitted adjustments. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney:
| Line Item Description | Amount |
|---|---|
| Net income for August | $112,500 |
| Total assets at August 31 | 650,000 |
| Total liabilities at August 31 | 225,000 |
| Total stockholders' equity at August 31 | 425,000 |
In preparing the financial statements, adjustments for the following data were overlooked:
• Unbilled fees earned at August 31, $31,900.• Depreciation of equipment for August, $7,500.
• Accrued wages at August 31, $5,200.
• Supplies used during August, $3,000.
Required:
Question Content Area
1. Journalize the entries to record the omitted adjustments. If an amount box does not require an entry, leave it blank.
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