BE 237 On January 1, 2017. Dimes and Quarters Corp. purchased a general liability insurance policy for $9,000 to provide coverage for the calendar year 1. If the company recorded the policy as an asset when purchased, what is the adjusting journal entry that should be recorded at January 31, 2017? adjusting entry that should be recorded at January 31. 2017? 2. If the company expensed the cost of the policy on January 1, 2017, what is the BE 238 ( Assignment) Identify the impact on the statement of financial position if the following information is not used to adjust the accounts. 1. Supplies consumed totaled *3,000 2. Interest accrues on notes payable at the rate of *200 per month. 3. Insurance of *450 expired during the month. 4. Plant and equipment are depreciated at the rate of *1,200 per month