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The following Income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is Incorrect and
The following Income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is Incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2023 Sales $562,640 Accounts receivable 37,250 Unearned sales Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense Interest expense Interest payable Jen Conway, withdrawals. office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable Sales discounts Loss 18,100 $617,990 $ 30,250 14,100 395,000 3,100 2,550 1,800 275 14,050 9,500 15,000 25,250 5,300 175,200 2,900 694,275 $ 76,285 DEMO SALES Income Statement For Month Ended July 31, 2023
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