Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! A two year insurance policy for \$5,280 was purchased on November 1 of the current year, Record the transaction for the near monded necember at The unadysted batance of Office Supplies at DeC 31 is $3,200 and at year end the office supplies on hand totaled $1,500