A Company Issued Financial Statements for the Year Ended December

Essay

A company issued financial statements for the year ended December 31,but failed to include the following adjusting entries:
A.Accrued service fees earned of $2,200
B.Depreciation expense of $8,000
C.Portion of office supplies (an asset)used,$3,100
D.Accrued salaries of $5,200
E.Revenues of $7,200,originally recorded as unearned,have been earned by the end of the year
Determine the correct amounts for the December 31 financial statements by completing the following table:
$\begin{array}{|l|c|c|c|c|} \hline& \text { Assets } & \text { Liabilities } & \text { Equity } & \text { Net Income } \\\hline \text { Reported amounts } & \$ 350,000 & \$ 200,000 & \$ 150,000 & \$ 70,000 \\\hline \begin{array}{l}\text { Add (subtract) to correct for } \\\text { item }\end{array} & & & & \\\hline \text { A } & & & & \\\hline \text { B } & & & & \\\hline \text { C } & & & & \\\hline \text { D } & & & & \\\hline \text { E } & & & & \\\hline \text { Corrected amounts } & \$ & \$ & \$&\$ \\\hline\end{array}$