Question 5 (1 point) On December 31, 2021, Mellark Inc. had $1,875 of supplies remaining on hand which they determined through a physical count of supplies. At the beginning of the period, the company had $3,500 in the supplies account. Throughout 2021, the company purchased $4,900 in supplies and debited the supplies account and credited cash for this amount. At December 31, 2021, the supplies expense account had a zero balance. The adjust entry on December 31st, 2021, should include a credit to the Supplies account in the amount of: $1,875. $6,525. $3,035 $10,275. Question 6 (1 point) Abernathy Corp. paid cash of $24,000 on May 1, 2021 for a 48-month insurance policy and recorded the entire amount as Insurance Expense. The adjusting entry on December 31, 2021 should be debit Prepaid Insurance $24,000 and credit Insurance Expense $24,000. debit Prepaid Insurance $4,000 and credit Insurance Expense $4,000. debit Insurance Expense $4,000 and credit Prepaid Insurance $4,000. debit Prepaid Insurance $20,000 and credit Insurance Expense $20,000.