The income statement of Benning Co. for the month of July shows net income of $1400 based on Service Revenue $5500 Wages Expense $2300 Supplies Expense
$1200 and Utilities Expense $600. In reviewing the statement you discover the following. Insurance expired during July of $400 was omitted.
Supplies expense includes $200 of supplies that are still on hand at July 31.
Depreciation on equipment of $150 was omitted.
Accrued but unpaid wages at July 31 of $300 were not included.
Services provided but unrecorded totaled $500.
Instructions Complete the correct income statement for July 2010. (List amounts from largest to smallest eg 10 5 3 2.) Benning Co.
Income Statement
For the Month Ended July 31 2010
Revenues
SuppliesWages PayableService RevenueUnearned RevenueAccrued RevenueWages ExpenseAccumulated DepreciationSupplies ExpenseUtilities ExpenseEquipmentInsurance
ExpenseDepreciation ExpensePrepaid Insurance $
Expenses
Prepaid InsuranceSuppliesWages PayableUtilities ExpenseWages ExpenseAccumulated DepreciationEquipmentService RevenueUnearned RevenueAccrued RevenueInsurance
ExpenseDepreciation ExpenseSupplies Expense $
Utilities ExpenseAccrued RevenueDepreciation ExpenseAccumulated DepreciationWages PayableSupplies ExpenseWages ExpenseInsurance ExpensePrepaid
InsuranceSuppliesEquipmentService RevenueUnearned Revenue
Utilities ExpenseDepreciation ExpenseAccrued RevenuePrepaid InsuranceWages ExpenseSupplies ExpenseWages PayableService RevenueEquipmentInsurance
ExpenseAccumulated DepreciationUnearned RevenueSupplies
Accumulated DepreciationSupplies ExpenseDepreciation ExpensePrepaid InsuranceUnearned RevenueUtilities ExpenseSuppliesEquipmentService RevenueWages
PayableInsurance ExpenseAccrued RevenueWages Expense
Prepaid InsuranceDepreciation ExpenseUtilities ExpenseSuppliesService RevenueWages ExpenseUnearned RevenueWages PayableAccrued RevenueSupplies
ExpenseAccumulated DepreciationEquipmentInsurance Expense
Total Expenses Net income $