Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Prepare the adjusting entry for depreciation. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the balances in the general ledger accounts. (Round your final answers to whole numbers.) If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Journal entry worksheet Note: Enter debits before credits. Prepare an income statement. (Round your final answers to whole Prepare a balance sheet. (Round your final answers to whole numbers.) The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations Adjustments: a. Supplies used during the month amounted to $1,200. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for 6 months of insurance coverage c. The equipment, purchased on January 1,201, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. Required: 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet. 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected