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, 20X1; inventory of supplies on January 31, 20X1, is $1,050. b. The prepaid advertising contract was signed on January 1, 20X1, and covers a four-month period. c. Rent of $1,550 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 1 Req 2 Inc Stmt Req 2 Stmt of OE Req 2 Ball Sheet Req 3 Gen Journal Req 3 Ledgers Analyze Complete the worksheet for the month. CREATIVE DESIGNS Worksheet Month Ended January 31, 20X1 Trial Balance Adjustments Account Name Debit Credit Debit Credit Cash $ 35,400 Accounts receivable 12.500 Supplies 7.550 Prepaid advertising 8.000 Prepaid rent 18.600 Equipment 34,800 Accumulated depreciation-Equipment Accounts payable Shayla Green, Capital Shayla Green, Drawing Fees income 15,450 59,900 6,900 59,350 Advertising expense Depreciation expense-Equipment Rent expense Salaries expense 9,600 Supplies expense Utilities expense Sub-totals Totals $ 1,350 134,700 $ 134,700 Adjusted Trial Balance Debit Income Statement Balance Sheet Credit Debit Credit Debit Credit Reg 1 Req 2 Inc Stmt>