Required information E4-5 (Algo) Recording Adjusting Entries and Reporting Balances in Financial Statements L04-1, 4-2 [The following information applies to the questions displayed below.) A+T Williamson Company is making adjusting entries for the year ended December i of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $5,040 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 $ 19, see 63,500 17.ee Required: 1. Record the adjusting entry for insurance at December 31 of the current year. (Do not round intermediate required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet