The income statement of Weller Co. for the month of July shows net income of \(\$ 1,400\) based on Fees Earned \(\$ 5,500\), 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 .

Prepare correct income 3. Depreciation on equipment of \(\$ 150\) was omitted. statement.

\((502,5,6,7)\)


Prepare adjusting entries.

(SO \(5,6,7\) )

4. Accrued but unpaid wages at July 31 of \(\$ 300\) were not included.

5. Fees earned but unrecorded totaled \(\$ 750\).

\section*{Instructions}

Prepare a correct income statement for July.