Solution-Prepare a correct income statement for july

Prepare a correct income statement for july

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Reference no: EM131138940

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.

1. Insurance expired during July of $400 was omitted.

2. Supplies expense includes $200 of supplies that are still on hand at July 31.

3. Depreciation on equipment of $150 was omitted.

4. Accrued but unpaid wages at July 31 of $300 were not included.

5. Services provided but unrecorded totaled $500.

Instructions

Prepare a correct income statement for July 2010.

Reference no: EM131138940

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Prepare a correct income statement for july : The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.

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Prepare a correct income statement for july

Reference no: EM131138940

Reference no: EM131138940

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