Required information [The following information applies to the questions displayed below.] 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 $3,840 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 $19,000 60,500 14,500 Journal entry worksheet < 1 Record the adjusting journal entry for insurance premium of $3,840 on December 31 of the current year. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Journal entry worksheet 1 Record the adjusting journal entry related to Shipping Supplies. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Shipping Supplies? (Do not round intermediate calculations.) Prepaid insurance Shipping supplies