Concept explainers
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, PC.:
In preparing the financial statements, adjustments for the following data were overlooked:
a. Unbilled fees earned at May 31, $9.700
h.
c. Accrued wages at May 31. $1,150
d. Supplies used during May, $975
Instructions
Determine the correct amount of net income for May and the total assets, liabilities, and
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