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ASSIGNMENT 1

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.

  1. Insurance expired during July of $400 was omitted.
  2. Supplies expense includes $200 of supplies that are still on hand at July 31.
  3. Depreciation on equipment of $150 was omitted.
  4. Accrued but unpaid wages at July 31 of $300 were not included.
  5. 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




$

Expenses



$






Total Expenses


Net income


$


 

ASSIGNMENT 2

Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.

NEOSHO RIVER RESORT

Trial Balance

August 31, 2010

Account Number



Debit


Credit

101


Cash

$19,600



126

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