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CHRIVIND Invoker=&takeAssignmentSessionLocator-son. Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.: Net income for May $182,700 Total assets at May 31 983,000 Total liabilities at May 31 324,000 Total stockholders' equity at May 31 659.000 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $7,050. b. Depreciation of equipment for May, $3,200. c. Accrued wages at May 31, $2,260. d. Supplies used during May, $1,970. Instructions: Determine the correct amount of net income for May and the total assets, liabilities, and stockholders equity at May 31. In addition to indicating the corrected amounts, Indicate the effect of each omitted adjustment by setting up and completing a columnar table below. Enter account decreases as negative amounts. If an effect is zero, enter "o". Adjustment (a) is presented as an example, Net Income Total Assets Total Liabilities + Total Stockholders' Equity Reported amounts: $182.700 5983.000 5324,000 $659,000 Corrections: HARASSIgnmentsessionLocat Bip Total stockholders' equity at May 31 659,000 In preparing the finandal statements, adjustments for the following data were overlooked: a. Unbilled foes eamed at May 31, $7,050. b. Depreciation of equipment for May, $3,200. c. Accrued wages at May 31, $2,260. d. Supplies used during May, $1,970. Instructions: Determine the correct amount of net income for May and the total assets, liabilities, and stockholders' equity at May 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table below. Enter account decreases negative amounts. If an effect is zero, enter "O". Adjustment (a) is presented as an example. Net Income Total Assets Total Liabilities + Total Stockholders' Equity Reported amounts: $182,700 $983,000 3324,000 $659,000 0 Corrections: Adjustment la Adjustment (b) 7,050 7,050 7,050 Adjustment Adjustnient (d) Corrected amounts

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