PROBLEM 5-4A The account balances of Bryan Company as of June 30 , the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, $495 b. Depreciation expense on equipment, $670. c. Depreciation expense on the van, $1,190. d. Salary accrued (earned) since the last payday, $540 (owed and to be paid on the next payday). e. Supplies used during the period, \$97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owner's equity; assume that there was an additional investment of $2,000 on June 10. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.) 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net income, \$13,627