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

For each separate case, record the necessary adjusting entry.

.

On July

1,

Lopez Company paid $

1, 200

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 $

5, 000

at the beginning of the year. During the year, it purchases

2, 000

of supplies. As of December

31,

a physical count of supplies shows $

800

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

Record year

-

end adjusting entry to reflect expiration of the insurance as of

December

31 .

Note: Enter debits before credits. For each separate case, record the necessary adjusting entry.

.

On July

1,

Lopez Company paid $

1, 200

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 $

5, 000

at the beginning of the year. During the year, it purchases

2, 000

of supplies. As of December

31,

a physical count of supplies shows $

800

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

Record the supplies used during the year.

Note: Enter debits before credits.For each separate case, record the necessary adjusting entry.

On July

1,

Lopez Company paid $

1, 200

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 $

5, 000

at the beginning of the year. During the year, it purchases $

2, 000

of supplies. As of December

31,

a physical count of supplies shows $

800

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 .

July 1, Lopez Company paid $1,200 for six months of insurance coverage.

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