Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. PROVE MASTERY: 4 PARTS A two year insurance policy for $2,640 was purchased on November 1 of the current year. Record the transaction OOC for the year ended December 31. Adjustment Type: Insurance Expense Prepaid Insurance Incurred interest expense of $3,100. Adjustment Type: Interest Expense II Interest Payable Used office supplies of $1,990. The Office Supplies unadjusted balance on December 31 is $10,000. Adjustment Type: Supplies Expense II Office Supplies Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of $1,400 Date Accounts and Explanation Debit Credit A two year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Completed services that were paid for six months earlier, $1,500 Date Accounts and Explanation Debit Credit