The trial balance of Ortiz Company as of January $31,20$X$1,$ after the company completed the first month of operations, is shown in the partial worksheet below.

Required:

Complete the worksheet by making the following adjustments: supplies on hand at the end of the month, $$7,200$; expired insurance, $$7,000$; depreciation expense on equipment for the period, $$3,100.$

Analyze:

How does the insurance adjustment affect Prepaid Insurance?

ORTIZ COMPANY

Worksheet $($Partial$)$

Month Ended January $31,20$X$1$

ORTIZ COMPANY

Worksheet $($Partial$)$

Month Ended January $31,20$X$1$

Adjustments

Adjusted Trial Balance

Income state ment

Balance sheet

Partial Worksheet

Analyze