Journal entry worksheet 4 5 Note: Enter debits before credits. Journal entry worksheet Record the closing entry for the balance of income summary. Note: Enter debits before credits. Prepare a postclosing trial balance. Journal entry worksheet 5 Record the adjusting entry for depreciation. Note: Enter debits before credits: Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet Record the closing entry for the drawing account. Note: Enter debits before credits. Analyze: If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepaic Insurance for $4,829, 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 Prepaid Insurance for $4,829, what reported net income would have resulted? Complete this question by entering your answers in the tabs below. Prepare a statement of owner's equity. Prepare a balance sheet. FASHION WORLD Worksheet Month Ended December 31, 20X1 Adjustments Journal entry worksheet 5 Record the adjusting entry for insurance. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare an Income statement. 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, $7,240 b. Expired insurance, $4,829 c. Depreciation expense for machinery, $2,450 Required: 1. Complete the worksheet. 2. Prepare an income statement. 3. Prepare 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 $4,829, what reported net income would have resulted? Journal entry worksheet Note: Enter debits before credits