The Trial Balance section of the worksheet for

Contemporary Fashions #6100

The Trial Balance section of the worksheet for Contemporary Fashions for the period
endedDecember 31, 2019, appears below. Adjustments data are also given.ADJUSTMENTSa.
Supplies used, $3,600b. Expired insurance, $2,400c. Depreciation expense for machinery,
$1,200INSTRUCTIONS1. 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, page 3.6. Journalize the closing entries in the general journal, page 4.7.
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
$2,400, what reported net income would have resulted?Critical ThinkingView Solution:
The Trial Balance section of the worksheet for Contemporary Fashions

ANSWER
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