Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $$4,400$; expired insurance, $$5,600$; depreciation expense on equif

ORTIZ COMPANY

Worksheet $($Partial$)$

Month Ended January $31,20$X$1$

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$1$ of $3$

NextThe trial balance of Ortiz Company as of January $31,20$X$1,$ after the company completed the first month of operations, is shown in the partial worksheet below.

Required:

Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $$4,400$; expired insurance, $$5,600$; depreciation expense on equipment for the period, $$1,700.$

Analyze:

How does the insurance adjustment affect Prepaid Insurance?