Prepare adjusting entries for the following transactions. Omit explanations. 1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $500 of office supplies during the period. At the end of the period $80 of supplies were on hand. 3. On January 1, 2010, Dimes and Quarters Corp. purchased a general liability insurance policy for $3,600 to provide coverage for the calendar year. If the company recorded the policy as an asset when purchased, what is the monthly adjusting journal entry that should be recorded at January 31, 2010? Solution Credit (CR) Debit (DR) No Accounts 5|Page 2. 3)