Question: ADJUSTMENTS a . Supplies used, $ 7 , 2 0 0 b . Expired insurance, $ 4 , 8 0 0 c . Depreciation expense

ADJUSTMENTS

.

Supplies used, $

7, 200

.

Expired insurance, $

4, 800

.

Depreciation expense for machinery, $

2, 400

Required:

Complete the worksheet.

Prepare an income statement.

Prepare a statement of owner's equity.

Prepare a balance sheet.

Journalize the adjusting entries in the general journal.

Journalize the closing entries in the general journal.

Prepare a postclosing trial balance.

Analyze:

If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expen Insurance for $

4, 800,

what reported net income would have resulted?

Complete this question by entering your answers in the tabs below.

Req

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Analyze

Complete the worksheet.

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Account Name,Trial Balance,Adjustments,

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ADJUSTMENTS a. Supplies used, $7,200 b. Expired insurance, $4,800 c. Depreciation

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