If revenues are more than expenses, how will it show in the Income Statement and the Statement of Owner's Equity? Income Statement State of Owner's Equity. net income added Income Statement State of Owner's Equity. net loss added Income Statement State of Owner's Equity net income deducted Income Statement State of Owner's Etruity. net loss deducted Question 37 (2 points) Prepaid insurance was debited the first of the month for $1,200 for a one-year liability policy. The adjusting entry at the end of the month would show: a debit to insurance expense for $1,100 a debit to prepaid insurance for $100 a credit to cash for $1,200 a credit to prepaid insurance for $100