The supplies account had a balance of $4,191 at the beginning of the year and was debited during the year for $2.307, representing the total of supplies purchased during the year. If $318 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is Os 56,408 Ob. 5318 Oc 56,180 Od $2.60 Smokey Company purchases a one-year Insurance policy on July 1 for $4,368. The adjusting entry on December 31 is Oa debit Insurance Expense, $2,184 credit Prepaid Insurance, 52,184 Ob. debit Insurance Expence, 51,820, credit Prepaid Insurance, 81,820 Oc. debit Prepaid Insurance, 52,184 credit Cash, 82,184 Od debit Insurance Expense, $2,548, credit Prepaid Insurance, 52,548 The balance in the office supplies account on January 1 was $7,276, the supplies purchased during January were $3,316, and the supplies on hand on January 31 were $1,671. The amount to be used for the appropriate adjusting entry is Oa. 88,921 Ob. 53,316 Oc. $12.263 Od. $1.671