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21 Fes Company is making adjusting journal entries for the year ended December 31, 2018....

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Accounting

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21 Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjusting journal entries, you learned the following: 0.34 points a. A two-year insurance premium of $7,200 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $7,200 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2018, you obtained the following data relating to supplies. Unadjusted balance in Supplies on December 31, 2018 Unadjusted balance in Supplies Expense on December 31, 2018 Supplies on hand, counted on December 31, 2018 $15,000 72,000 10,000 Required: Prepare adjusting journal entries at December 31, 2018, for (a) insurance, and (b) supplies. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) * Answer is not complete. No Transaction General Journal Credit Debit 3,600 Insurance Expense Prepaid Insurance 3,600 Supplies Expense Supplies

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