• Prepare the adjusting entry for supplies.
• Prepare the adjusting entry for insurance.
• Prepare the adjusting entry for depreciation.

Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $5,400 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts General Ledger Journal Post the entries to the general ledger accounts. Supplies Account No. 121 Prepaid Insurance Account No. 131 Debit Balance Date Date Credit Debit Credit Balance Dec 1, 2019 Dec 01, 2019 Dec 31, 2019 Dec 31, 2019 Accumulated Depreciation- Equipment Depreciation Expense- Equipment Account No. 142 Account No. 517 Date Debit Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Insurance Expense Supplies Expense Account No. 521 Account No. 523 Balance Date Debit Credit Balance Date Debit Credit Dec 31, 2019 Dec 31, 2019 General Journal Ledger