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

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Accounting

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For each separate case, record the necessary adjusting entry. a. 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 . b. Zim Company has a Supplies account balance of $6,200 at the beginning of the year During the year, it purchases $2,600 of supplies. As of December 31 , a physical count of supplies shows $1,100 of supplies avallable. 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

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