Solution-Determine the correct amounts for net income total

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.

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