Herp Save Suma Required information E4-5 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements L04-1, 4-2 The following information applies to the questions displayed below! Art Willamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant loaned the folowing a. A two year insurance premium of $5.520 was paid on October for the current year for coverage beginning on that date. The bookkeeper debited the amount to Prepaid Insurance on October 1. A December 31 of the current year, the following data relating to Shopping Supplies were obtained from the records and supporting documents Shopping supplies on hand, January 1 of the current year Purchases of shipping suroties during the current your Shipping supplies on hand, counted on December 3 of the current year 112.000 20, 34.500 E4-5 Part 2 2. Record the adjusting entry for supplies at December 31 of the current yest assuming that the shipping supplies purchased during the current year were debited into the account Shipping Supplies Of no entry is required for a transaction/event, select "No Journal entry required in the first account field) Journal entry worksheet 9 Journal entry worksheet Record the adjusting journal entry related to Shipping Supplies Note: Enter debits before credits Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Maud