Fes Company is making adjusting journal entries for the year ended December $31,2021.$ In developing information for the adjusting

journal entries, you learned the following:

a$.$ A two$-$year insurance premium of $$7,200$ was paid on January $1,2021,$ for coverage beginning on that date. As of December $31,$

$2021,$ the unadjusted balances were $$7,200$ for Prepaid Insurance and $$0$ for Insurance Expense.

b$.$ At December $31,2021,$ you obtained the following data relating to supplies.

Required:

Of the $$7,200$ paid for insurance, what amount should be reported on the $2021$ income statement as Insurance Expense? What

amount should be reported on the December $31,2021,$ balance sheet as Prepaid Insurance?

What amount should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on the

December $31,2021,$ balance sheet as Supplies?

Indicate the accounting equation effects of the adjustment required for $($a$)$ insurance and $($b$)$ supplies.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

What amount should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on

the December $31,2021,$ balance sheet as Supplies?

Supplies Expense

Supplies O paid for insurance, what amount should be reported on the $2021$ income statement as Insurance Expense? What

$$ld be reported on the December $31,2021,$ balance sheet as Prepaid Insurance?

it should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on the

$1,2021,$ balance sheet as Supplies?

accounting equation effects of the adjustment required for $($a$)$ insurance and $($b$)$ supplies.

lis question by entering your answers in the tabs below.

Required $3$

ccounting equation effects of the adjustment required for $($a$)$ insurance and $($b$)$ supplies. $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sFes Company is making adjusting journal entries for the year ended December $31,2021.$ In developing information for the adjusting

journal entries, you learned the following:

a$.$ A two$-$year insurance premium of $$7,200$ was paid on January $1,2021,$ for coverage beginning on that date. As of December $31,$

$2021,$ the unadjusted balances were $$7,200$ for Prepaid Insurance and $$0$ for Insurance Expense.

b$.$ At December $31,2021,$ you obtained the following data relating to supplies.

Required:

Of the $$7,200$ paid for insurance, what amount should be reported on the $2021$ income statement as Insurance Expense? What

amount should be reported on the December $31,2021,$ balance sheet as Prepaid Insurance?

What amount should be reported on the $2021$ income statement as Supplies Expense? What amount should be reported on the

December $31,2021,$ balance sheet as Supplies?

Indicate the accounting equation effects of the adjustment required for $($a$)$ insurance and $($b$)$ supplies.

Complete this question by entering your answers in the tabs below.

Required $1$

Of the $$7,200$ paid for insurance, what amount should be reported on the $2021$ income statement as Insurance Expense?

What amount should be reported on the December $31,2021,$ balance sheet as Prepaid Insurance?

Insurance Expense

Prepaid Insurance