The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. 101 Cash 111 Accounts receivable 121 Supplie 131 Prepaid in 141 Equipment 202 Accounts payable 142 Accumulated depreciation-Equipment 301 Reginald Pittman, Capital 102 Reginald Fittaan, Draving Adjustments: a. Supplies used during the month amounted to $1,095. $18,595 401 Fees incone $31,345 3,400 511 Advertising expense 1,560 2,240 514 Depreciation expesse-Equipment 517 Insurance expen 25,500 2,500 6,820 350 80 $19 salaries expense 6,150 520 Bupplies expense 61.950 527 Telephone expense 2,150 524 Utilities expense b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20x1, for 6 months of insurance coverage. c. The equipment, purchased on January 1, 20x1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation Required: 3. Complete the worksheet 4. Prepare an income statement, statement of owner's equity, and balance sheet 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries Analyze If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Reg Inc Stmt Req 4 Stmt of OE Reg 4 Bal Sheet Req 5 Gen Journal 5 Ledger Analyze Complete the worksheet. (Round your final answers to whole numbers.) Prav 1 of 4 Next > Req 3 Req 4 Inc Stmt Req 4 Stmt of OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyze Complete the worksheet. (Round your final answers to whole numbers.) PITTMAN INTERNATIONAL COMPANY Worksheet Month Ended January 31, 20x1 Trial Balance Adjustments Account Name Debit Credit Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Reginald Pittman, Capital Reginald Pittman, Drawing Fees income Advertising expense Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Telephone expense Utilities expense Totals Net income Balance Sheet Debit Credit $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 05 0$ $ 0 $ 0$ 05 R Req 4 Inc Stmt > Prev 1 of 4 Next > Req 3 Req 4 Inc Stmt Req 4 Stmt of OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyz Prepare an income statement. (Round your final answers to whole numbers.) PITTMAN INTERNATIONAL COMPANY Income Statement Month Ended January 31, 20X1 Revenue Expenses Total expenses < Req 3 0 0 Req 4 Stmt of OE > Required: 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet. 5. Record the balances in the selected general ledger accounts, then journalize and post the adjus Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income hav Complete this question by entering your answers in the tabs below. Req 3 Req 4 Inc Stmt Req 4 Stmt of Req 4 Bal Req 5 Gen OE Sheet Journal Req 5 Ledgers Analyze Prepare a statement of owner's equity. (Round your final answers to whole numbers.) PITTMAN INTERNATIONAL COMPANY Statement of Owner's Equity Month Ended January 31, 20X1 IT the useful life or the equipment nad been iz years instead of IU years, now woula net inc Complete this question by entering your answers in the tabs below. Req 3 Req 4 Inc Stmt Req 4 Stmt of OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyz Prepare a balance sheet. (Round your final answers to whole numbers.) PITTMAN INTERNATIONAL COMPANY Balance Sheet January 31, 20X1 Assets Total Assets Liabilities and Owner's Equity Liabilities Owner's Equity Total Liabilities and Owner's Equity S 0 0 < Req 4 Stmt of OE Req 5 Gen Journal > Complete this question by entering your answers in the tabs below. Req 3 Req 4 Inc Req 4 Stmt of Stmt OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyze Prepare the adjusting entries for the month ending January 31, 20X1. (Round your final answers to whole View transaction list Journal entry worksheet 2 3 Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date 01/31/20X1 General Journal Debit Credit Record entry Clear entry View general journal Req 3 Req 4 Inc Req 4 Stmt of Stmt OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyze Prepare the adjusting entries for the month ending January 31, 20X1. (Round your final answers to who View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry for insurance. Note: Enter debits before credits. Date 01/31/20X1 General Journal Debit Credit Record entry Clear entry View general Journal > Req 3 Req 4 Inc Req 4 Stmt of Req 4 Bal Stmt OE Sheet Req 5 Gen Journal Req 5 Ledgers Analyze Prepare the adjusting entries for the month ending January 31, 20X1. (Round your final answers to whole View transaction list Journal entry worksheet < 1 2 3 Prepare the adjusting entry for depreciation. Note: Enter debits before credits. Date 01/31/20X1 General Journal Debit Credit Record entry Clear entry View general journal Prepare an income statement, statement of owner's equity, and balance sheet. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Analyze: the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Req 3 Req 4 Inc Stmt Req 4 Stmt of OE Req 4 Bal Sheet Req 5 Gen Journal Req 5 Ledgers Analyze Record the balances in the general ledger accounts. (Round your final answers to whole numbers.) Supplies Date Debit Jan. 1, 20X11 Jan. 31, 20X1 Account No. 121 Prepaid Insurance Account No. 131 Credit Balance Date Debit Credit Balance Jan. 1, 20X1 Jan. 31, 20X1 Accumulated Depreciation-Equipment Account No. 142 Date Jan. 31, 20X1 Debit Credit Balance Date Jan. 31, 20X1 Insurance Expense Account No. 517 Debil Credit Balance Account No. 514 Debit Credit Balance Depreciation Expense-Equipment Date Jan. 31, 20X1 Supplies Expense Account No. 520 Date Debit Credit Balance Jan. 31, 20x1 djustments: Supplies used during the month amounted to $1,095. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for 6 .The equipment, purchased on January 1, 20X1, has an estimated useful life of 10 years with no salvag straight-line method of depreciation. Required: 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet. 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting e Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have bee Complete this question by entering your answers in the tabs below. Req 3 OE Req 4 Inc Req 4 Stmt of Req 4 Bal Stmt Sheet Req 5 Gen Journal Req 5 Ledgers Analyze If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affe round intermediate calculations. Round your final answer to 2 decimal places.) Net income would have been < Req 5 Ledgers Analyze The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. 101 Cash 111 Accounts receivable $18,595 3,400 511 401 Fees incone $31,345 Advertising expense 1,560 121 Supplies 131 Prepaid insurance 2,240 514 15,450 517 Depreciation expense-Equipment 0 Insurance expense 141 Equipment 25,500 518 Rent expense 2,500 142 Accumulated depreciation-Equipment 519 Salaries expense 6,820 202 Accounts payable 6,150 301 Reginald Pittman, Capital 41,950 302 Reginald Pittman, Drawing 2,150 520 Supplies expense 523 Telephone expense 524 Utilities expense 0 350 880 Adjustments: a. Supplies used during the month amounted to $1,095. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for 6 months of insurance coverage. c. The equipment, purchased on January 1, 20X1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. Required: 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet. 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected