申論題

四、Logan Insurance Agency prepares monthly financial statements. Presented  below is an income statement for (he month of June that is correct on the basis of AddiHonal Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information:

3. Supplies on hand at the beginning of the month were $3,000’ The agency purchased additional supplies during the month for $2,500 in cash and $2,200 of supplies were on hand at June 30.