Information about certain account balances in the trial balance of Vol Corporation on December 31, 2019, follows:
a. Balance in Raw Materials Inventory account that reflects the beginning balance, December 31, $52,000; physical count on December 31 that reflects the ending balance, $50,000
b. Balance in Prepaid Insurance account, $22,500; insurance expired, $18,000
c. Balance in Direct Labor account, $100,000; accrued direct labor, $7,000
d. Balance in Factory Supplies on Hand account, $8,500; physical count shows supplies on hand, $600

Record the following in the general journal:
1. Adjusting entries required
2. Closing entries required
3. Reversing entries on January 1, 2020