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journal entries, you learned the following:

a$.$ A two$-$year insurance premium of $$7,300$ was paid on January $1,2021,$ for coverage beginning on that date. As of December $31,$

$2021,$ the unadjusted balances were $$7,300$ for Prepaid Insurance and $$0$ for Insurance Expense.

b$.$ At December $31,2021,$ you obtained the following data relating to supplies.

Unadjusted balance in Supplies on December $31$

Unadjusted balance in Supplies Expense on December $31$

Supplies on hand, counted on December $31$

$$15,500$

$73,000$

$10,400$

Required:

Of the $$7,300$ paid for insurance, what amount should be reported on the $2021$ income statement as Insurance Expense? What

amount should be reported on the December $31,2021,$ balance sheet as Prepaid Insurance?

What amount should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on the

December $31,2021,$ balance sheet as Supplies?

Indicate the accounting equation effects of the adjustment required for $($a$)$ insurance and $($b$)$ supplies.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

What amount should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on

the December $31,2021,$ balance sheet as Supplies?

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