Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Depreciation for the current year includes Equipment, $2,500 Date Accounts and Explanation Debit Credit Dec. 31 2500 2500 The unadjusted balance of Office Supplies at Dec. 31 is $4,000 and at year end the office supplies on hand totaled $1,000 Date Accounts and Explanation Debit Credit Dec. 31 3000 3000 A two year insurance policy for $1,320 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Dec. 31