Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! The unadjusted balance of Office Supplies at Dec. 31 is $4,200 and at year end the office supplies on hand totaled $1,700. Date Accounts and Explanation Debit Credit Dec. 31 correct Accounts Payable incorrect 2500 correct correct Office Supplies correct correct 2500 correct A two year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Dec. 31 correct Accounts Payable incorrect 440 incorrect correct Prepaid Insurance correct correct 440 incorrect Depreciation for the current year includes Equipment, $1,000. Date Accounts and Explanation Debit Credit Dec. 31 correct Cash incorrect 1000 correct correct Accumulated Depreciation- Equipment correct correct 1000 correct