Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 Service RevenueAccrued RevenueDepreciation ExpenseSupplies ExpenseEquipmentSuppliesUtilities ExpenseWages ExpenseUnearned RevenueAccumulated DepreciationInsurance ExpenseWages PayablePrepaid Insurance $ Expenses Wages PayableInsurance ExpenseSuppliesUtilities ExpenseAccumulated DepreciationWages ExpenseService RevenueUnearned RevenueDepreciation ExpenseAccrued RevenueSupplies ExpenseEquipmentPrepaid Insurance $ Prepaid InsuranceAccrued RevenueInsurance ExpenseService RevenueWages PayableEquipmentSuppliesUnearned RevenueAccumulated DepreciationUtilities ExpenseDepreciation ExpenseSupplies ExpenseWages Expense Utilities ExpenseEquipmentDepreciation ExpenseWages PayableService RevenueSupplies ExpenseUnearned RevenueAccrued RevenueInsurance ExpenseWages ExpensePrepaid InsuranceSuppliesAccumulated Depreciation Accrued RevenueAccumulated DepreciationUtilities ExpenseEquipmentDepreciation ExpenseUnearned RevenueWages ExpenseWages PayableSupplies ExpensePrepaid InsuranceInsurance ExpenseService RevenueSupplies Wages PayableWages ExpenseSupplies ExpenseService RevenueUtilities ExpenseAccumulated DepreciationPrepaid InsuranceUnearned RevenueSuppliesAccrued RevenueEquipmentDepreciation ExpenseInsurance Expense Total Expenses Net income $ Click here if you would like to Show Work for this

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Wileyplus Blackboard Student Package

Authors: Charles E. Davis, Elizabeth Davis

3rd Edition

1119342511, 978-1119342519

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago