Question: For each separate case, record the necessary adjusting entry. a . On July 1 , Lopez Company paid $ 2 , 6 0 0 for

For each separate case, record the necessary adjusting entry.
a. On July 1, Lopez Company paid $2,600 for six months of insurance coverage. No adjustments have been made to the Prepaid
Insurance account, and it is now December 31.
b. Zim Company has a Supplies account balance of $7,800 at the beginning of the year. During the year, it purchases $3,400 of
supplies. As of December 31, a physical count of supplies shows $1,500 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.
Journal entry worksheet
1
2
Record the supplies used during the year.
Note: Enter debits before credits.
For each separate case, record the necessary adjusting entry. a. On

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

V502 Identity Server Fundamental Accountin + o file:///C:/Users/15044/Downloads/Fundamental%20Accounting%20Principles%2024th%20Edition%20by%20John%201%20Wild.c2.pdf Contents + Fit to width vundur u...

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. In its first year of operations, Roma Company reports the following Earned revenues of $51,000 ($43,000 cash received from customers). Incurred expenses of $28,500...

Q:

For each separate case, record the necessary adjusting entry. a . On July 1 , Lopez Company paid $ 1 , 2 0 0 for six months of insurance coverage. No adjustments have been made to the Prepaid...

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

QS 3-7 (Algo) AdJustling prepald (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company paid $3,200 for six months of insurance coverage....

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,000 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,800 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance...

Q:

Write a detailed paper on BEST PLACES TO WORK

Q:

On June 30, 2010, the Watson Corporation sold $800,000 of 11% face value bonds for $761,150.96. On December 31, 2010 the Watson Corporation sold $700,000 of this same bond issue for $734,645.28. The...

Q:

The Oklahoma Real Estate Commission licenses individuals, corporations, partnerships and association A . True B . False

Q:

In order to get a McGuffin award, students must have a 3.5 or higher GPA, and 2 or fewer absences. We'll start by asking the user for the GPA, and getting the number of absences. What is your GPA?: 3...