a. On July 1, 2017, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments
Question:
b. Zim Company has a Supplies account balance of $5,000 on January 1, 2017. During 2017, it purchased $2,000 of supplies. As of December 31, 2017, a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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