Question 7: Using the following data, prepare the adjusting entries for the month ended December 31, 2018 Insurance in the amount of $500 expired during December On December 1, the supplies account had a balance of $300: $2,800 of supplies were purchased during December. A physical count of supplies on December 31 indicated $1,100 on hand Depreciation on equipment for December is $700 Employees are paid $5,000 every Friday for the five-day work week Monday- Friday. They were last paid on Friday, December 26. December 31 is a Wednesday a. b. c. d