Supplies - ABC begins the period with $1,000 of supplies. They purchase $500 of supplies during the period. At the end of the period they have $200 of supplies remain ing. Record the purchase of supplies and the adjusting entry at the end of the period. Insurance - ABC purchases a one-year insurance policy on November 1 for $12,000 Record the purchase on November 1st and the adjusting entry on December 31st Depreciation - ABC purchases a machine on January 1 for $10,000. The machine's useful life is 10 years. Record the purchase on January 1st and the adjusting entry on December 31st