A two-year insurance premium of $8,400 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $8,400 for Prepaid Insurance and $0 for Insurance Expense.At December 31, 2018, you obtained the following data relating to supplies.Unadjusted balance in Supplies on December 31, 2018 $ 21,000Unadjusted balance in Supplies Expense on December 31, 2018 84,000Supplies on hand, counted on December 31, 2018 14,800how would you form a journal entry for the supplies and the insurance

Question

A two-year insurance premium of $8,400 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $8,400 for Prepaid Insurance and $0 for Insurance Expense.
At December 31, 2018, you obtained the following data relating to supplies.

Unadjusted balance in Supplies on December 31, 2018 $ 21,000
Unadjusted balance in Supplies Expense on December 31, 2018 84,000
Supplies on hand, counted on December 31, 2018 14,800

how would you form a journal entry for the supplies and the insurance

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