Adjusting, closing, and reversing entries. Information about certain account balances in the trial balance of Vol Corporation on December 31, 2019, follows: a. Balance in Raw Materials Inventory account that reflects the beginning balance, December 31, $52,000; physical count on December 31 that reflects the ending balance, $50,000 b. Balance in Prepaid Insurance account, $22,500; insurance expired, $18,000 c. Balance in Direct Labor account, $100,000; accrued direct labor, $7,000 d. Balance in Factory Supplies on Hand account, $8,500; physical count shows supplies on hand, $600 Record the following in the general journal: 1. Adjusting entries required 2. Closing entries required 3. Reversing entries on January 1, 2020