Business, 24.06.2020 17:01, janelle3496

On July 1, 2017, Lopez Company paid $2,000 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $6,600 on January 1, 2017. During 2017, it purchased $2,800 of supplies. As of December 31, 2017, a supplies inventory shows $1,200 of supplies available. Prepare the journal 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, 2017.

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On July 1, 2017, Lopez Company paid $2,000 for six months of insurance coverage. No adjustments have...