At the beginning of december, global corporation had $2,000 in supplies on hand. during the month supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. what is the appropriate month-end adjusting entry?

a. debit cash $4,200, credit supplies $4,200.
b. debit supplies $4,200, credit supplies expense $4,200.
c. debit supplies expense $4,200, credit supplies $4,200.
d. debit cash $800, credit supplies $800.

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?