I am to correct in Income Statement with current revenues of $5500, wage expense

Question

I am to correct in Income Statement with current revenues of $5500, wage expense $2300, supplies expense $1200, and utilities expense $600. I must correct my income statement by making the following adjustments...Insurance expired at $400, supplies expense includes $200 of supplies still on hand, depreciation on equipment of $150 was omitted, accrued but unpaid wages of $300 were not included and services provided but unrecorded totaled $500. My original balance before adjustments is $1400. Could someone help me with adjusting my income statement please?

Explanation / Answer

I am to correct in Income Statement with current revenues of $5500, wage expense $2300, supplies expense $1200, and utilities expense $600. I must correct my income statement by making the following adjustments...

Insurance expired at $400,

Debit: Insurance Expense 400

Credit: Prepaid Insurance 400

supplies expense includes $200 of supplies still on hand.

Debit: Supplies 200

Credit: Supplies Expense 200

depreciation on equipment of $150 was omitted,

Debit: Depreciation expense 150

Credit: Accumulated Depreciation 150

accrued but unpaid wages of $300 were not included

Debit: Wages Expense 300

Credit: Wages Payable 300

and services provided but unrecorded totaled $500.

Debit: Accounts Payable 500

Credit: Service Revenue 500

My original balance before adjustments is $1400. Could someone help me with adjusting my income statement please?

These adjustments will increase revenue by 500 and also increase expenses by 650, which together will decreases income by 150

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