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 account, and it is now December $31.$

b$.$ Zim Company has a Supplies account balance of $$5,600$ at the beginning of the year. During the year, it purchases $$2,300$ of supplies. As of December $31,$ a physical count of supplies shows $$950$ 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 year$-$end adjusting entry to reflect expiration of the insurance as of December $31.$

Note: Enter debits before credits.

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