Please help with Questions 1 - 5.

the adjustments Indicate the change to net income that suits Critical Thinking Problem 5.2 Worksheet and Financial Statements The account balances for the Pittman International Company on January 31, 20X1. follow The balances shown are after the first month of operations. 101 Cash 401 Fees Income $30.925 1.500 511 $18,475 3,400 2.150 15.000 12 514 13 517 0 24,000 518 2.500 Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Dept.-Equip Accounts Payable Reginald Pittman, Capital Reginald Pittman. Drawing Advertising Expense Dept. Expense-Equip Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 142 0 519 6.700 202 6.000 520 301 40.000 523 350 302 2.000 524 850 INSTRUCTIONS 1. Prepare the Trial Balance section of the worksheet. 2. Record the following adjustments in the Adjustments section of the worksheet: a. Supplies used during the month amounted to $1,050. b. The amount in the Prepaid Insurance account represents a payment made on January I. 20X1. for six months of insurance coverage. c. The equipment, purchased on January 1, 20x1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet (use the report form) 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Use 3 for the journal page number