At the end of October the first month of operations

At the end of October, the first month of operations, the following selected data were taken from
the financial statements of Lauren Powell, an attorney:Net income for October ......... $
99,480Total assets at October 31 ........ 400,000Total liabilities at October 31 ........ 100,000Total
owner’s equity at October 31 ..... 300,000In preparing the financial statements, adjustments for
the following data were overlooked:a. Unbilled fees earned at October 31, $8,000.b.
Depreciation of equipment for October, $5,500.c. Accrued wages at October 31, $2,500.d.
Supplies used during October, $1,725.Instructions1. Journalize the entries to record the omitted
adjustments.2. Determine the correct amount of net income for October and the total assets,
liabilities, and owner's equity at October 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 October the first month of operations
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