Exercise 5.5 (Algo) Journalizing and posting adjustments. LO 5-5 Lancaster Company must make three adjusting entries on December 31, 20X1. o. Supplies used, $10,600 (supplies totaling $17.200 were purchased on December 1, 20x1, and debited to the Supplies account). b. Expired insurance. $7,800; on December 1, 20x1, the firm paid $46,800 for six months insurance coverage in advance and debited Prepald Insurance for this amount. c. Depreciation expense for equipment. $5,400. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. General Journal Ledger Prepare the journal entries for the above adjustments. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry for supplies. Not Enter debts for its General Journal Debit Credit Date Dec 31 20X1 ncord entry Clear entry View general journal Complete this question by entering your answers in the tabs below. General Journal Ledger Post the entries to the general ledger accounts. Supplies Account No. 131 Account No. 121 Credit Balance Debit Credit Balance Date Dec 1, 20X1 Dec 31, 20X1 Prepaid Insurance Date Debi Dec 1, 20X1 Dec 31, 20X1 Accumulated Depreciation Equipment Account No. 142 Depreciation Expense Equipment Account No. 517 Date Debit Credit Balance Debit Credit Balance Date Dec 31, 20X1 Dec 31, 20X1 Insurance Expense Date Debit Dec 31, 20X1 Account No. 521 Credit Balance Supplies Expense Date Debit Dec 31, 20x1 Account No. 623 Credit Balance