milings Review View Tell me 21 AaBbCcDdE AaBbCcDdE AaBbCcD Aa Normal No Spacing Heading 1 H Problem (30 points) VISA Visa, Inc. describes itself as follows in its first footnote: "a global payments technology company that enables innovative, secure and reliable electronic payments across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries, operate one of the world's largest electronic payments network-KisaNet-which facilitates authorization, clearing and settlement of payment transactions and enables the Company to provide its financial institution and seller clients a wide range of products, platforms and value added services. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa's financial institution clients." Use the following information to provide the adjusting journal entry that Visa, Inc. should have made at the end of its fiscal year on Sept. 30, 2020, Assume that Visa makes adjusting entries once a year on September 30. a) On October 1, 2019, Visa had $712 million in Supplies, and they purchased $123 million more in Supplies during fiscal 2020. A year-end physical count of Visa's supplies indicates that they have $757 million worth of Supplies remaining as of September 30, 2020. If Visa did not make journal entries when they used supplies during fiscal 2020, what adjusting journal entry should Visa make related to its Supplies on September 30, 2020? I Account Titles Debit Credit b) On March 1, 2020, Visa paid $264 million for a one-year insurance policy starting on March 1, 2020 and running for 12 consecutive months. On March 1, Visa made the following journal entry: Dr. Prepaid Insurance Cr. Cash 264 million 264 million Visa did not make any journal entries related to the prepaid insurance after the initial journal entry shown above. What adjusting journal entry should Visa make on September 30, 2020 related to prepaid insurance? Account Title c) Visa's property and equipment depreciated $767 million during fiscal 2020. Account Titles Debit Credit Debit Credit