Respuesta :
Answer:
1. See the journal below.
2. Correct answers are:
a. Correct amount of net income = $ 128,700.
b. Correct amount of total assets = $671,400.
c. Correct amount of total liabilities = $230,200.
d. Correct amount of stockholders' equity = $441,200
Explanation:
1. Journalize the entries to record the omitted adjustments
Details Dr ($) Cr ($)
Accounts Receivable 31,900
Unbilled fees earned 31,900
To record the unbillled fees earned. Depreciation 7,500
Accumulated Depreciation 7,500
To record the depreciation expenses.
Wages Expense 5,200
Wages Payable 5,200
To record accrued wages expense.
Supplies Expense 3,000
Supplies 3,000
To record the supplies expenses.
2. Determine the correct amount of net income for August and the total assets, liabilities, and stockholders' equity at August 31.
a. Correct amount of net income = Net income recorded + Unbilled fees earned - Depreciation - Accrued wages - supplies expense = $112,500 + $31,900 - $7,500 - $5,200 - $3,000 = $ 128,700.
b. Correct amount of total assets = Recorded total assets + Unbilled fees earned - depreciation - Supplies = $650,000 + 31,900 - $7,500 - $3,000 = $671,400.
c. Correct amount of total liabilities = Recorded total liabilities + Accrued wages = $225,000 + 5,200 = $230,200.
d. Correct amount of stockholders' equity = Correct amount of total assets - Correct amount of total liabilities = $671,400 - $230,200 = $441,200
