Assume that a firm reports net income of $99,450 prior to making adjusting entries for the following items: expired rent, $10,600; depreciation expense, $8,800; and supplies used, $14,450. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Exerclse 5.5 (Algo) Journalizing and posting adjustments. LO 5-5 McGowan Company must make three adjusting entries on December 31, 201. 0. Supplies used, $10,200 (supplies totaling $16,400 were purchased on December 1,201, and debited to the Supplles account). b. Expired insurance, $7,400; on December 1,201, the firm paid $44,400 for six months' insurance coverage in advance and debited Prepald Insurence for this amount. c. Depreciation expense for equipment, $5,000. Requlred: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. Prepare the journal entries for the above adjustments. Prepare the journal entries for the above adjustments. Journal entry worksheet Note: Enter debits before credits