At the beginning of May, Golden Gopher Company reports a balance in Supplies of $330. On May 15, Golden Gopher purchases an additional $1,600 of supplies for cash. By the end of May, only $130 of supplies remains. value: Required information 1.00 points 1.& 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit May 15 Supplies Cash 1,600 1,600 2May 31 Supplies expense Supplies 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Ending Balance Supplies Supplies expense Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $33,600 ($2,800/month). value: Required information 1.00 points 1. &2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit March 01 Prepaid insurance 33,600 Cash 33,600 2 December 31 Insurance expense Prepaid insurance 3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0). Ending Balance Prepaid insurance Insurance expense Beaver Construction purchases new equipment for $34,800 cash on April 1, 2018. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($580/month). value: Required information .00 points 1.& 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list 1 Record the purchase of equipment. 2 Record adjusting entry on December 31. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation at the beginning of 2018 is S0) Ending Balance Accumulated depreciation Depreciation expense