Critical Thinking Problem $6\mathrm{.}1($Algo$)$ The Closing Process. LO $6-1,6-2,6-3$

The Trial Balance section of the worksheet for Fashion World for the period ended December $31,20$X$1,$ appears below. Adjustments data are also given.

ADJUSTMENTS

Supplies used, $$7,320$

Expired insurance, $$4,895$

Depreciation expense for machinery, $$2,550$

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.