The income statement of Benning Co. for the month of July showsnet income of $14

The income statement of Benning Co. for the month of July showsnet income of $1400 based on Service Revenue $5500Wages Expense$2300 Supplies Expense $1200 and Utilities Expense $600. Inreviewing the statement you discover the following. 1. Insuranceexpired during July of $400 was omitted. 2. Supplies expenseincludes $200 of supplies that are still on hand at July 31. 3.Depreciation on equipment of $150 was omitted. 4. Accrued butunpaid wages at July 31 of $300 were not included. 5. Servicesprovided but unrecorded totaled $500. Prepare a correct incomestatement for July 2008.