Adjusting the Accounts

The income statement of Montee Co. for the month of July shows net income of $1,450 based on Service Revenue $5,500, Salaries and 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 $250 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 $300 were not included.
  5. Services performed but unrecorded totaled $650.


Prepare a correct income statement for July 2019


Montee Co.
Income Statement
For the Month Ended July 31, 2019
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