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:

1. A two-year insurance premium of $8,600 was paid on January 1, 2021, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $8,600 for Prepaid Insurance and $0 for Insurance Expense.
2. At December 31, 2021, you obtained the following data relating to supplies.

Unadjusted balance in Supplies on December 31	$ 22,000
Unadjusted balance in Supplies Expense on December 31	86,000
Supplies on hand, counted on December 31	15,600

Required:

Prepare adjusting journal entries at December 31, 2021, for (a) insurance and (b) supplies. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

Record adjusting entry for insurance.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a

Record entry for supplies Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b

PLS ADD always the calculations and not only the answers.