Zim Company has a Supplies account balance of $5,800 at the beginning of the year During the year, it purchases $2,400 of supplies As of December 31, a physical count of supplies shows $1,000 of supplies available Prepare the year end adjusting entries to reflect expiration of the insurance and cor...

To prepare the yearend adjusting entries and reflect the expiration of supplies we need to consider ...

Zim Company has a Supplies account balance of $5,800 at the beginning of the year. During the

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Zim Company has a Supplies account balance of $5,800 at the beginning of the year. During the year, it purchases $2,400 of supplies. As of December 31, a physical count of supplies shows $1,000 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.