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For each separate case, record the necessary adjusting entry. a. On July 1, Lopez...

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Accounting

For each separate case, record the necessary adjusting entry.
a. On July 1, Lopez Company paid $2,400 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 $7,400 at the beginning of the year. During the year, it purchases $3,200 of supplies. As of December 31, a physical count of supplies shows $1,400 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
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Record year-end adjusting entry to reflect expiration of the insurance as of December 31.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[a.,,,],[,,,],[,,,]]
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