ADJUSTMENTS

a$.$ Supplies used, $$7,200$

b$.$ Expired insurance, $$4,800$

c$.$ Depreciation expense for machinery, $$2,400$

Required:

Complete the worksheet.

Prepare an income statement.

Prepare a statement of owner's equity.

Prepare a balance sheet.

Journalize the adjusting entries in the general journal.

Journalize the closing entries in the general journal.

Prepare a postclosing trial balance.

Analyze:

If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expen Insurance for $$4,800,$ what reported net income would have resulted?

Complete this question by entering your answers in the tabs below.

Req $1$ Req $2,$ Req $3,$ Req $4,$ Req $5$ and $6,$ Analyze

Complete the worksheet.

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