On July 1, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $5,600 at the beginning of the year. During the year, it purchased $2,300 of supplies. As of December 31, a physical count of supplies shows $950 of supplies available. Required:
Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.

Dr Supplies expense $6,950

Cr Supplies $6,950

Explanation:

Preparation of the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.

Dr Supplies expense $6,950

Cr Supplies $6,950

($5,600+$2,300-$950)

(To record the balance of the Supplies account and the Supplies Expense account)

Beginning Supplies account balance $5,600

Add purchased $2,300

Less physical count of supplies $950

=$6,950

explanation:

the contractual interest rate is the interest the borrower must pay and the interest the lender receives, or more simply, it is the interest rate stated on a bond whereas the market interest rate is “the investors demand for loaning funds”. therefore, bonds can either be sold at a premium, face value, or discount.

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.