The Pearson Company purchased office supplies costing $600 on January 1, 2016. Out of which, supplies costing $170 remained unused on December 31, 2016.Required: In the books of Green Company: make a journal entry on January 1, 2016, when the office supplies are purchased. b) Make an adjusting entry on December 31,2016 to record supplies Expense. B)Prepaid Insurance has an $1300 balance prior to adjustment. By year-end, one-fourth has expired. What will be the balance in Prepaid Insurance after the adjusting entry has been made?