Prepare adjusting journal entries, as needed, for the following items. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) the supplies account shows a balance of $590, but a count of supplies reveals only $250 on hand at year-end. the company initially records the payments of all insurance premiums as prepaid insurance. the unadjusted trial balance at year-end shows a balance of $560 in prepaid insurance. a review of insurance policies reveals that $110 of insurance is unexpired. employees work monday through friday, and salaries of $2,900 per week are paid each friday. the company's year-end falls on tuesday. at year-end, the company received a utility bill for december's electricity usage of $230 that will be paid in early january.