Please answer this question in full

General Ledger Problem 5.3 (based on Problem 5.4A) Shayla Green owns Design Company. The trial balance of the firm for January 31, 2021, the first month of operations, is included on the trial balance tab. End-of-the-month adjustments must account for the following items: a. Supplies were purchased on January 1, 2021; inventory of supplies on January 31, 2021, is $3,200. b. The prepaid advertising contract was signed on January 1, 2021, and covers a four-month period. c. Rent of $4,200 expired during the month. d. Depreciation is computed using the straight-line method. The equipment has an estimated useful life of 10 years with no salvage value. Show less Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on Income (26% of available points) The adjusting entry process is critical to the accuracy of financial statements. We know that every adjusting entry affects one income statement account, one balance sheet account, but never cash. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Show less ------Account affecting the----- Income Statement Balance Sheet Impact on net income Adjusting entry related to: Supplies Advertising Prepaid rent Depreciation s 0 Total impact on income due to adjustments: Net income before adjustments Net income after adjustments