Question

For each separate case, record the necessary adjusting entry, a. 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 b. 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. 11111111 points awarded Scored 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 BOOK Transaction No 1 General Journal Credit Debit 1,200 References Insurance expenso Prepaid insurance 1,200 2 b. 0 200 Supplies expense Supplies 6.200

Answer 1

1200 1 Insurance Expense Pre Paid Insurance 1200 2 Suplies Expense Supplies 6200 6200 If Equity is $ 368000 nd Liabilities are $186000 Assets 554000 Required Equity Liabilities 368000 186000 554000 554000

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