3. The income statement of Bay Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500; Salaries and Wages Expense $2,100; Supplies Expense $900, and Utilities Expense $500. In reviewing the statement, you discover the following: 1. Insurance expired during July of $350 was omitted. 2. Supplies expense includes $300 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 $260 were not included. 5. Services performed but unrecorded totaled $600. Instructions: Prepare a correct income statement for the month ended July 31, 2014