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E3-10 The income statement of Benning Co. for the month of July-ANSWER KEY (INSTANT DOWNLOAD)

E3-10 The income statement of Benning Co. for the month of July-ANSWER KEY (INSTANT DOWNLOAD)
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Solution Guide / Answer Key:

 

Acc280 Financial Accounting or Acc557 Strayer


Chapter 3 Adjusting the Accounts


E3-10

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 2008. (List amounts from largest to smallest eg 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)

 

FILE: MS WORD

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