5 2 points Fes Company is making adjusting journal entries for the year ended December 31, 2021, in developing information for the adjusting journal entries, you learned the following: a. A two-year insurance premium of $7.400 was paid on January 1, 2021, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $7,400 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 $16,000 Unadjusted balance in Supplies Expense on December 31 Supplies on hand, counted on December 31 74,000 10,800 Required: Prepare adjusting journal entries at December 31, 2021, for (a) insurance and (b) supplies. (If no entry is required for at transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal 1 Insurance Expense Prepaid Insurance 2 b Supplies Expense Supplies 00 Debit Credit Retur