Project Service Business i Sared Help Save & Exlt Submit 2 17 points 00:31:04 00:31:04 Critical Thinking Problem 6.1 (Algo) The Closing Process. LO 6-1, 6-2, 6-3 Check my work 1 data are also given. ADJUSTMENTS a. Supplies used, $7,590 b. Expired insurance, $5,117 c. Depreciation expense for machinery, $2,880 Required: Complete the worksheet. Prepare an income statement. Prepare a statement of owner's equity. Prepare a balance sheet. Journalize the adjusting entries in the general journal. Journalize the closing entries in the general journal. 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 $5,117, what reported net inco