1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purch the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's income statement for the following items? Note: Do not round intermediate calculations. A+T Wiliamson 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 $4,080 was paid on October 1 of the current year 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 the records and supporting documents. Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 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. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's balance sheet for the following items? Note: Do not round intermediate calculations. 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purch the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's income statement for the following items? Note: Do not round intermediate calculations. A+T Wiliamson 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 $4,080 was paid on October 1 of the current year 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 the records and supporting documents. Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 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. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. What amounts should be reported on the current year's balance sheet for the following items? Note: Do not round intermediate calculations
