The trial balance of Ortiz Company as of January 31, 20X1, 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, $7,000; expired insurance, $6,900; depreciation expense on equipment for the period, $3,000.

Analyze: How does the insurance adjustment affect Prepaid Insurance?

ORTIZ COMPANY Account Naine Man January 11, 2001 Adjusted Trial Balance Debit Creative ch Credit Intcomment Det Credit De Trial Balance Dehli Crede 103.00 30.400 3.0d 67600 107.000 Cash Accounts receivable Supplies Prepaid in wave Equipment Accumulated deprecanon Equipment Accounts payable Frank Otu Capta Frank Orte Dag Fees income Suppliese pense Insurance expense Salanes expense Depreciation expensement Les expense Subtotals 24.400 51.600 14.000 BO 30.000 2,800 374 2005 5 37400 S os OS 0 os 0 $ O Tots S 05 01 OS Analyse Morth Ended January 31, 20X1 Art Du Crede De Crede comes Det Code Crede Det Cash Accue Det TO 20400 1000 57.600 107.000 24400 251 600 Prepair Equipment Acum deprecan Account Frank Cape Frang Fees icone Suseene pe Sales Depreciation experien Unsere 14.000 800 O 2.800 14.00 31.05 0$ 03 05 Os 05 OS 0 5 05 0.5 Analyze Check my work Month Ended January 31, 20x1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Income Statement Debt Credit Balance Sheet Debit Credit $ Trial Balance Delt Credit 103.600 20,400 3.000 57.000 107.000 24,400 251,600 14.000 98.800 30.800 2,800 374.800 5 0$ 05 5 5 05 05 0 $ OS 374.800 $ 0$ DS 05 D Pan Analyze> Account Name $ Trial Balance Debit Credit 103,600 20,400 38,000 57,600 107,600 24,400 251,600 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Equipment Accounts payable Frank Ortiz, Capital Frank Ortiz, Drawing Fees income Supplies expense Insurance expense Salaries expense Depreciation expense-Equipment Utilities expense Sub-totals 14,000 98,800 30,800 2,800 374,800 $ $ 374,800 Totals Drau VI Sum Check my work Month Ended January 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Income Statement Debit Credit Balance Si Debit Trial Balance Debit Credit 103,600 20,400 38,000 57,600 107,600 24,400 251.600 14,000 98.800 30.800 2.800 374,800 $ 0 374,800 $ $ 0 $ 05 0$ 0 $ $ 0 $ 0 $ $ 0$ 0 $ o$ FINO Analyze Worksheet (Partial) Month Ended January 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Balance Credit Credit Income Statement Debit Credit Balance Sheet Debit Credit 0 0 0 24,400 251,600 98,800 $ 374,800 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0$ 0 $ 0 Par Work Analyze >