meducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheduca al Thinking-Extra Credit Saved Critical Thinking Problem 6.1 (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, 20X1. appears bel data are also given ADJUSTMENTS a. Supplies used, $7,550 b. Expired insurance, $5,084 c. Depreciation expense for machinery, $2,830 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. Joumalize the closing entries in the general journal 7. Prepare a postclosing trial balance tences Analyze: If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prep. Insurance for $5,084, what reported net income would have resulted? Complete this question by entering Insurance for $5084. What reported net income would have Complete this question by entering your answers in the tabs below. Analyze Reg Rega Re: 2 Regando Complete the worksheet Income Statement REN FASHION WORLD Works Math Ender December 11, 2011 Ads Adjusted Til Balam Debi 013 1000 77045 5.000 17T Credo 3 Tv C 01 1000 14 1 A Sups P Media home- NO Balance Sheer Deba 1. 10.000 7045 170 | | | 2.30 27.000 17141 2.00 TO 10 150460 CUNE 12.00 PECE OVEL 19 790 7550 004 3200 1000 22 200 2.000 23 22.00 2.400 3360 1020 WE OLIW 5 DI 154 3495405 1 13 IND 16003 meducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheduca al Thinking-Extra Credit Saved Critical Thinking Problem 6.1 (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, 20X1. appears bel data are also given ADJUSTMENTS a. Supplies used, $7,550 b. Expired insurance, $5,084 c. Depreciation expense for machinery, $2,830 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. Joumalize the closing entries in the general journal 7. Prepare a postclosing trial balance tences Analyze: If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prep. Insurance for $5,084, what reported net income would have resulted? Complete this question by entering Insurance for $5084. What reported net income would have Complete this question by entering your answers in the tabs below. Analyze Reg Rega Re: 2 Regando Complete the worksheet Income Statement REN FASHION WORLD Works Math Ender December 11, 2011 Ads Adjusted Til Balam Debi 013 1000 77045 5.000 17T Credo 3 Tv C 01 1000 14 1 A Sups P Media home- NO Balance Sheer Deba 1. 10.000 7045 170 | | | 2.30 27.000 17141 2.00 TO 10 150460 CUNE 12.00 PECE OVEL 19 790 7550 004 3200 1000 22 200 2.000 23 22.00 2.400 3360 1020 WE OLIW 5 DI 154 3495405 1 13 IND 16003