Exercise 5.5 (Algo) Journalizing and posting adjustments. LO 5-5 Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $10,300 (supplies totaling $16,600 were purchased on December 1, 20X1, and debited to the Supplies account). b. Expired insurance, $7,500; on December 1, 20X1, the firm paid $45,000 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $5,100. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. General Journal Ledger Prepare the journal entries for the above adjustments. General Journal Ledger Prepare the journal entries for the above adjustments. View transaction list Journal entry worksheet 1 2 3 > Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31, 20X1 Record entry Clear entry View general journal General Journal Ledger Post the entries to the general ledger accounts. Supplies Account No. 121 Credit Balance Prepaid Insurance Date Debit Account No. 131 Credit Balance Date Debit Dec. 1, 20X1 Dec 31, 20X1 Dec. 1, 20X1 Dec. 31, 20X1 Accumulated Depreciation Equipment Account No. 142 Depreciation Expense-Equipment Account No. 517 Date Debit Credit Balance Debit Credit Balance Date Dec. 31, 20X1 Dec. 31, 20X1 Account No. 521 Account No. 523 Insurance Expense Date Debit Dec. 31, 20X1 Supplies Expense Date Debit Credit Balance Credit Balance Dec 31, 20X1