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For each separate case, record the necessary adjusting entry.
1. On July 1, Lopez Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.
2. Zim Company has a Supplies account balance of $6,200 at the beginning of the year. During the year, it purchased $2,600 of supplies. As of December 31, a physical count of supplies shows $1,100 of supplies available.

Sagot :

Zviko

Answer:

Item 1

Debit  : Insurance $1,800

Credit : Prepaid insurance $1,800

Item 2

Debit  : Supplies expense $7,700

Credit : Supplies $7,700

Explanation:

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