For each separate case, record the necessary adjusting entry 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 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

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Question: For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,600 for six months of insurance coverage. No adjustments have

For each separate case, record the necessary adjusting entry.

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.
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.

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