Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during th current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a Insurance expense Prepaid insurance 2 b. Shipping supplies expense Shipping supplies Show less A A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $6,720 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $16,000 65,000 20,000 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Regs 1 and 2 Req 3 Req 4 What amounts should be reported on the current year's income statement for the following items? Note: Do not round intermediate calculations. Insurance expense Shipping supplies expense Shipping supplies on han Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 20,000 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the s the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following ite 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 What amounts should be reported on the current year's balance sheet for the following items? Note: Do not round intermediate calculations. Prepaid insurance Shipping supplies