Refer to E4-6.

Required:
Prepare adjusting journal entries at December 31, 2015, for (a) insurance and (b) supplies.

Data From Exercise 4-6:
Fes Company is making adjusting journal entries for the year ended December 31, 2015. In developing information for the adjusting journal entries, you learned the following:

a. A two-year insurance premium of $7,200 was paid on January 1, 2015, for coverage beginning on that date. As of December 31, 2015, the unadjusted balances were $7,200 for Prepaid Insurance and $0 for Insurance Expense.
b. At December 31, 2015, you obtained the following data relating to supplies.