uestion 10 of 16 > 0 Your answer is partially correct Blossom Company has the following balances in selected accounts on December 31, 2020. Service Revenue $38,000 Insurance Expense 4,020 Supplies Expense 2,000 2.5/7.5 All the accounts have normal balances. Blossom Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2020. 2. 2 3. Blossom Company paid $4,020 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Blossom Company collected $38,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. A count of supplies on December 31, 2020, indicates that supplies of $700 are on hand. Prepare the adjusting entries needed at December 31, 2020. (Credit account titles are automatically.indented when the amount is entered