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Determine the correct amount of net income for April

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Reference no: EM132769614

Problem - At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney:

Net income for April $120,000

Total assets at April 30 750,000

Total liabilities at April 30 300,000

Total stockholders' equity at April 30 450,000

In preparing the financial statements, adjustments for the following data were overlooked:

Supplies used during April, $2,750.

Unbilled fees earned at April 30, $23,700.

Depreciation of equipment for April, $1,800.

Accrued wages at April 30, $1,400.

Required -

1. Journalize the entries to record the omitted adjustments.

2. Determine the correct amount of net income for April and the total assets, liabilities, and stockholders' equity at April 30.

Reference no: EM132769614

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