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Question - The statement of profit or loss of Wolfmother Led for the month of July 2017 shows a profit of $1,268 based on service revenue $5,188; wages expense $2,155; supplies expense $1,189; and electricity expense $576. In reviewing the statement, you discover:
1. the benefit consumed for prepaid insurance during July was not recorded - $303
2. supplies expense includes $385 of supplies that are still on hand at 31 July
3. depreciation on equipment of $136 was omitted
4. accrued but unpaid wages at 31 July of $291 were not included
5. services totalling $841 were performed but not invoiced.
Required - Prepare a correct statement of profit or loss for the month of July 2017?
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