At the end of October, the first month of operations, the following selected data were taken from the financial statements of Crisp Cleaners:
|
Net Income for October
|
$102,500
|
|
Total Assets at October 31
|
228,750
|
|
Total Liabilities at October 31
|
60,500
|
|
Total Stockholders' Equity at October 31
|
168,250
|
The following adjusting entries were omitted at the end of the month:
|
a) Supplies used during October
|
$800
|
|
b) Depreciation of equipment for October
|
$3,000
|
|
c) Unbilled fees earned at October 31
|
$1,200
|
|
d) Accrued wages at October 31
|
$500
|
Required:
1) Journalize the entries to record the omitted adjustments.
2) Determine the correct amounts for Net Income, Total Assets, Total Liabilities and Total Stockholders' Equity as of October 31.