The income statement of Weller 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 \(\$ 300\) was omitted.

2. Supplies expense includes \(\$ 400\) 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. Revenue earned but unrecorded totaled \(\$ 750\).

\section*{Instructions}

Prepare a correct income statement for July 1998 year-end.