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(Solved): For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,3 ...



For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $7,200 at the beginning of the year. During the year, it purchases $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.



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