Fes Company is making adjusting journal entries for the year ended December 31 2021 In developing information for the adjusting journal entries, you leamed the following a A two year insurance premium of 58,000 was paid on January 1, 2021. for coverage beginning on that date. As of December 31 2021, the unadjusted balances were $8.000 for Prepaid insurance and $0 for Insurance Expense At December 31 2021. you obtained the following data relating to supplies Ladjusted balance in Supplies on December 31 $ 13, Unadjusted balance in Supplies Expense DC 11 Supplies and counted on December 11 13.20 Required: 1. Of the $8.000 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 os 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 tot fa insurance and supplies Complete this question by entering your answers in the tabs below Reinet Mequired of the 60.000 polo for inurance, what amount should be reported on the 2001 income statements must Expert What amount should be reported on the December 31, 2001, he shared bracet hearance base Repalced 2 > to search o 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 32 Complete this question by entering your answers in the this below. Hoved ed2 ed Indicate the consequation afects of the entered for ay naunann and (b) supplestranyes, of tot lo word 2