Saved Help Shayla 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, 20Xt; inventory of supplies on January 31, 20x1, is $900, b. The prepaid advertising contract was signed on January 1, 20X1, and covers a four-month period. c. Rent of $1,400 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 If 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. Req Req 2 Inc Stmt Req 2 Stmt of OE Check my work Reg 2 Bal Sheet Reg 3 Gen Journal Reg 3 Ledgers Analyze Complete the worksheet for the month. Account Name CREATIVE DESIGNS Worksheet Month Ended January 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Deble Credit $ 35.100 12.200 Income Statement Debit Crodh $ Trial Balance Debit Credit 35,100 12.200 6,950 6.800 16,800 38,400 Det ncos Cash Accounts receivable Supplies Prepaid advertising Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Shayla Green, Capital Shayla Green, Drawing Fees income Advertising expense Depreciation expense Equipment Rent expense Salaries expense Supplies expense Utilities expense Subtotals 15,150 59,800 6,600 58,600 9,300 $ 1.200 133,350 $ 133,350 $ 900 5 0 $ 47,300 $ 0$ OS 0 $ Totals $ os $ My Joul answers in the tabs below. Reg 1 Reg 2 Inc Strnt Reg 2 Stort of OE Reg 2 Bal Sheet Reg 3 Gen Journal Reg 3 Ledgers Analyze Prepare an income statement. CREATIVE DESIGNS Income Statement Month Ended January 31, 20X1 Revenue Expenses Total expenses 0 0 $ ( Req1 Reg 2 Stmt of OE DE Sheet Douma NO 3 ugers Analyze Prepare a statement of owner's equit. No additional investments were made by the owner during the month. CREATIVE DESIGNS Statement of Owner's Equity Meme Ended January 31, 20X1 0 $ 0 pored Valance sheet. CREATIVE DESIGNS Balance Sheet January 31, 20X1 Assets 0 $ 0 Total assets Liabilities and Owner's Equity Liabilities Owner's Equity $ 0 Total Liabilities and Owner's Equity