At the end of March the first month of operations

At the end of March, the first month of operations, the following selected data were taken from
the financial statements of Kurt Reibel, an attorney:Net income for March ......... $ 150,000Total
assets at March 31 ........ 1,000,000Total liabilities at March 31 ........ 350,000Total owner’s
equity at March 31 ..... 650,000In preparing the financial statements, adjustments for the
following data were overlooked:a. Unbilled fees earned at March 31, $15,000.b. Depreciation of
equipment for March, $9,000.c. Accrued wages at March 31, $3,500.d. Supplies used during
March, $2,000.Instructions1. Journalize the entries to record the omitted adjustments.2.
Determine the correct amount of net income for March and the total assets, liabilities, and
owner’s equity at March 31. In addition to indicating the corrected amounts, indicate the effect
of each omitted adjustment by setting up and completing a columnar table similar to the
following. Adjustment (a) is presented as anexample.
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At the end of March the first month of operations
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