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) At Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing Information for the adjusting entries, the accountant learned the following: a. A two-year Insurance premium of $5,040 was paid on October 1 of the current vear for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from me records and supporting documents. Shipping supplies on hand January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year 63, 17 000 E4-5 Part 2 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the adjusting journal entry related to Shipping Supplies E4-5 Part 3 3. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies (Do not round intermediate calculations.) Insurance expense Shipping supplies expense E4-5 Part 4 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round Intermediate calculations.) Book Prepaid insurance Sippling supplies