On July 1, 2016, 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, 2016. Prepare the journal entry to reflect
expiration of the insurance as of December 31, 2016.
b. Zim Company has a Supplies account balance of $5,000 on
January 1, 2016. During 2016, it purchased $2,000 of supplies. As of December
31, 2016, a supplies inventory shows $800 of supplies available. Prepare the
adjusting journal entry to correctly report the balance of the Supplies account
and the Supplies Expense account as of December 31, 2016.
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