The Trial Balance section of the worksheet for Fashion World for the period ended December 31, 20X1, appears below. Adjustments data are also given. ADJUSTMENTS a. Supplies used, $7,560 b. Expired insurance, $5,095 c. Depreciation expense for machinery, $2,850 Required: 1. Complete the worksheet. 2. Prepare an income statement. 3. Preppare a statement of owner's equity. 4. Prepare a balance sheet. 5. Journalize the adjusting entries in the general journal. 6. Journalize the closing entries in the general journal. 7. Prepare a postclosing trial balance. Analyze: If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepaid Insurance for $5,095, what reported net income would have resulted? Complete this question by entering your answers in the tabs below. If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepald Insurance for $5,095, what reported net income would have resulted? The Trial Balance section of the worksheet for Fashion World for the period ended December 31, 20X1, appears below. Adjustments data are also given. ADJUSTMENTS a. Supplies used, $7,560 b. Expired insurance, $5,095 c. Depreciation expense for machinery, $2,850 Required: 1. Complete the worksheet. 2. Prepare an income statement. 3. Preppare a statement of owner's equity. 4. Prepare a balance sheet. 5. Journalize the adjusting entries in the general journal. 6. Journalize the closing entries in the general journal. 7. Prepare a postclosing trial balance. Analyze: If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepaid Insurance for $5,095, what reported net income would have resulted? Complete this question by entering your answers in the tabs below. If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepald Insurance for $5,095, what reported net income would have resulted