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Fes Company is making adjusting Journal entries for the year ended December 31, 2018. In developing Information for the adjusting Journal entries, you learned the following: A two-year insurance premium of $6.800 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $6,800 for Prepald Insurance and $0 for Insurance Expense b. At December 31, 2018, you obtalned the following data relating to supplies. Unadjusted balance in Supplies on Decenber 31, 2818 Unadjusted balance in Supplies Expense on December 31, 2818 Supplies on hand, counted on Decenber 31, 2818 $13,880 68,880 8.488 Required: 1. Of the $6,800 pald for Insurance, what amount should be reported on the 2018 Income statement as Insurance Expense? What amount should be reported on the December 31, 2018, balance sheet as Prepald Insurance? 2 What amount should be reported on the 2018 Income statement as Supples Expense? What amount should be reported on the December 31, 2018, balance sheet as Supplies? 3. Indicate the accounting equation effects of the adjustment required for (a) Insurance and (b) supplies. Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 3 What amount should be reported on the 2018 income statement as Supplies Expense? What amount should be reported on the December 31, 2018, balance sheet as Supplies? Supplies Expense Supplies Required 1 Required 3>