54) On January 1 the Prepaid Insurance account had a balance of $7,000 that represented 7 months' worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March. 55) On November 30, the balance in the Supplies account was $900. During December additional supplies were purchased of $200. On December 31, there was $700 worth of Supplies on hand. What would be the adjustment for the month of December for Supplies? I Focus ste CH