91Ó°ÊÓ

The balance in the supplies account, before adjustment at the end of the year, is \(\$ 1,175\). Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is \(\$ 374\).

The balance in the prepaid insurance account, before adjustment at the end of the year, is \(\$ 2,475\). Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is \(\$ 1,215\); (b) the amount of unexpired insurance applicable to future periods is \(\$ 1,260\).