The income statement of Midland Company for the month of July shows
net income of $2,700 based on Service Revenues $5,500, Salaries Expenses
$2,300, and Utilities Expense $500. In reviewing the statement, you discover the
following:
a) Insurance expired during July of $400 was omitted.
b) Supplies purchased equaled $1,200, but the supplies on-hand at the end of
July equaled $300.
c) Depreciation on equipment of $150 was omitted.
d) Accrued but unpaid salaries at July 31 of $280 were not included.
e) Services performed but unrecorded totaled $920.
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