The income statement of Garstka 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.

Instructions Prepare a correct income statement for July 2001.