The income statement of Cullumber Company for the month of July shows a net income of $2,600 based on Service Revenue $6,000, Salaries and Wages Expense $2,000, Supplies Expense $1,000, and Utilities Expense $400. In reviewing the statement, you discover the following.
1. Insurance expired during July of $400 was omitted.
2. Supplies expense includes $350 of supplies that are still on hand on July 31.
3. Depreciation on equipment of $350 was omitted.
4. Accrued but unpaid salaries and wages on July 31 of $500 were not included.
5. Services performed but unrecorded totaled $700. Prepare a correct income statement for July 2017.