Question
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
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. 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 $
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