The income statement of Bjorn ASA for the month of July shows net income of €1,500 based on Service Revenue €5,500, Salaries and Wages Expense €2,300, Supplies Expense €1,200, and Utilities Expense €500. In reviewing the statement, you discover the following.
1. Insurance expired during July of €400 was omitted.
2. Supplies expense includes €300 of supplies that are still on hand at July 31.
3. Depreciation on equipment of €150 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of €280 were not included.
5. Services performed but unrecorded totaled €920.
Instructions
Prepare a correct statement for July 2017.