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Problem 5.4A (Algo) Preparing a worksheet and financial statements, journalizing adjusting entries, and posting to ledger accounts. LO 5-2,5-3,5-4,5-5 Shayia Green owns Creative Designs. The trial balance of the firm for January 31, 20x1, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: a. Supplies were purchased on January 1, 20x1, inventory of supplies on January 31, 20X1. is $1.200. b. The prepaid advertising contract was signed on January 1, 20X1, and covers a four-month period c. Rent of $1700 expired during the month d. Depreciation is computed using the straight line method. The equipment has an estimated useful life of 10 years with no salvage value Required: 1. Complete the worksheet for the month 2. Prepare an income statement, statement of owner's equity, and balance sheet No additional investments were made by the owner during the month 3. Journalize and post the adjusting entries Analyze the adjusting entries had not been made for the month, by what amount would net income be overstated or understated? Complete this question by entering your answers in the tabs below. Req1 Reg 2 Inc Stmt Reg 2 Strait of DE Reg 2 Bal Sheet Reg 3 Gen Journal Red Ledgers Analyze Complete the worksheet for the month Credit CREATIVE DESIGNS Worksheet Month Ende Jemary 11, 20X1 Adjust Dehli Debit 5 36.700 12.000 1.200 $ Credit Income St Oba Dwi 5 6.700 Account Nam Cash Accounts recevable Supplies Prepaid advertising Prepaid rent Equipment Accumdated depreciation-iment Accounts payable Shayla Green Capital Shayla Gen Drawing Foss income Debt 35.700 12.300 0.150 9.200 20,400 24000 12.000 1.2001 2000 15.750 60 200 15. 60.200 15750 7200 200 7.200 52.900 52.000 12.500 Depreciation spons- 1 700 Sep uppies 9.500 1500 12500 5 5 130 1105 10 405 5 105 1 500 500 2001 1520 150 TL CREATIVE DE SIGNS Income Statement Month Ended January 31, 20X1 Revenue Fees income Expenses Total expenses 0 $ 0 Req 2 Inc Reg 1 Stmt Req 2 Stmt of OE Req 2 Bal Sheet Reg 3 Gen Journal Req 3 Ledgers Prepare a statement of owner's equity. No additional investments were made by the owr CREATIVE DESIGNS Statement of Owner's Equity Month Ended January 31, 20X1 0 0 AI Req 3 Ledgers Reg 3 Gen Journal Req 2 Stmt of OE Reg 2 Bal Sheet Reg 2 Inc Stmt Reg 1 Prepare a balance sheet. CREATIVE DESIGNS Balance Sheet January 31, 20X1 Assets $ 0 Total assets Liabilities and Owner's Equity Liabilities Owner's Equity Total Liabilities and Owner's Equity $ Journalize the adjusting entries. View transaction list View journal entry worksheet C No Date General Journal Dobit Credit 1 Jan 31, 20X1 Supplies Reg 1 Req 2 Inc Sumt Req 2 Stmt of OE Reg 2 Bal Sheet Reg 3 Gen Journal Reg 3 Ledgers Analyze Post the adjusting entries. Supplies Date Jan 1, 20X1 Jan 31, 20X1 Account No.121 Credit Balance Debit Prepaid Advertising Date Debit Jan 01, 20X1 Jan 31, 20X1 Account No. 130 Credit Balance 5 Account No. 131 Credit Balance Prepaid Rent Date Debit Jan 1.20x1 Jan 31, 20X1 Accumulated Depreciation Equipment Debit Jan 31, 20X1 Date Account No. 142 Credit Balance Supplies Expande Dat Debit Jan 31, 20X1 Account No.517 Credit Balance Advertising Exponse Date Debit Jan 31, 20X1 Account No. 519 Credit Balance Rent Exp Account No. 520 Credit Balance Date Jan. 31.20x1 Dett Depreciation Expense-Equipment Dal Det Jan 31, 20X1 Account No. 523 Credit Balance