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Business, 05.06.2020 16:57 india73

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:Net income for August$112,500Total assets at August 31650,000Total liabilities at August 31225,000Total stockholders' equity at August 31425,000In preparing the financial statements, adjustments for the following data were overlooked:1. Unbilled fees earned at August 31, $31,900.2. Depreciation of equipment for August, $7,500.3. Accrued wages at August 31, $5,200.4. Supplies used during August, $3,000.Instructions1. Journalize the entries to record the omitted adjustments.2. Determine the correct amount of net income for August and the total assets, liabilities, and stockholders' equity at August 31.

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