mini practice set 1 14th edition. instructions: 1.Open the general ledger accounts and enter the balances for January 1,2017. Obtain the necessary figures from the post closing trial balance prepared on December 31,2016, which appears on page 166. 2.Analyze each transaction and record it in the general journal.Use page 3 to begin January's transaction. 3.Post the transactions to the general ledger accounts. 4.Prepare the the trial balance section of the worksheet. 5. Prepare the Adjustments section of the worksheet. a.Compute and record the adjustment for supplies used during the month.An inventory taken on January 31 showed supplies of $4,200 on hand. b. Compute and record the adjustment for expired insurance for the month. c.Record the adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of $183 on the old equipment will be recorded in February. 6.Complete the worksheet. 7.Prepare an income statement for the month. 8.Prepare a statement of owners equity. 9.Prepare a balance sheet using the report form. 10.Journalize and post the adjusting entries. 11.Journalize and post the closing entries. 12.Preparea post closing trial balance.