Question - The statement of profit or loss of Wolfmother Ltd for the month of July 2017 shows a profit of $1,329 based on service revenue $5,528; wages expense $2,423; supplies expense $1,182; and electricity expense $594. In reviewing the statement, you discover:
1. the benefit consumed for prepaid insurance during July was not recorded - $298
2. supplies expense includes $377 of supplies that are still on hand at 31 July
3. depreciation on equipment of $144 was omitted
4. accrued but unpaid wages at 31 July of $273 were not included
5. servicestotalling $759 were performed but not invoiced.
Required - Prepare a correct statement of profit or loss for the month of July 2017.