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 $6,300 was paid on January 1, 2021, for coverage beginning on that date. As of December 31 2021, the unadjusted balances were $6,300 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2021. you obtained the following data relating to supplies Unadjusted balance in Supplies on December 31 Unadjusted balance in Supplies Expense on December 31 Supplies on hand, counted on December 31 $ 10,500 63,000 6,400 Required: 1. Of the $6,300 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? 2. 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? 3. 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 Of the $6,300 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 Exponse Prepaid Insurance Unadjusted balance in Supplies on December 31 Unadjusted balance in Supplies Expense on December 31 Supplies on hand, counted on December 31 $ 10,500 63,000 6,400 Required: 1. Of the $6,300 paid for insurance, what amount should be reported on the 2021 income statement as Insurance Expense? Wh amount should be reported on the December 31, 2021, balance sheet as Prepaid Insurance? 2. What amount should be reported on the 2021 income statement as Supplies Expense? What amount should be reported on t December 31, 2021, balance sheet as Supplies? 3. 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 of the $6,300 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 RE Required 2 > Required: 1. Of the $6,300 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? 2. 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? 3. 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 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 ework 4 5 Unadjusted balance in Supplies on December 1 510, see nated balance in Sulle pension December Supplies and counted on December Required: 1. Of the $6.300 paid for instance, what mount 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! 2. What amount should be reported on the 2021 Income statement as Supplies Expense? What amount should be reported on the December 24 2021. balance sheet as Supplies? 3. Indicate the accounting equation effects of the adjustment required for fa/ Insurance and (b) supplies Complete this question by entering your answers in the tabs below. red Recured2 Reus Indicate the accounting equation effects of the adjustment red for (a) ingurance and (b) supplies (Enter decides to Ausets, inties, or Stockholders' Egoity with a minu won Transaction A Llabilities ockholders' Couty ti
