E3-10 E3-11 63-10 pare correct income statement The income statement of Lundeen Co. for the month of July shows net income of $1,400 based on Service Revenue S5,500, Salaries and Wages Expens.s2,300, Supplies Expense S1,200, and Utilities Expense $600. In reviewing the statement, you discover the following: Insurance expired during July of $500 was omitted. Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of S150 was omitted. Accrued but unpaid salaries and wages at July 31 of $400 were not included. 5. Services performed but unrecorded totaled S650. 1. 2. 3. 4. Instructions Prepare a correct income statement for July 2020. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" LUNDEEN COMPANY Income Statement For the Month Ended July 31, 2020 Debit Credit ? ? Revenue Account Expenses Account Account Account Account Account Total Expenses Net Income Value Value Value ? After you have completed the requirements of E3-10, consider this additional question. How would net income change if Supplies Expense was $1,500 versus $1,200? 1