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Rudiy27
3 years ago
12

On July 1, 2017, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid In

surance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $5,000 on January 1, 2017. During 2017, its purchase $2,000 of supplies. As of December 31, 2017, a supplies inventory shows $800 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.
Business
1 answer:
Deffense [45]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Insurance expense Dr $1,200

         To Prepaid insurance $1,200

(Being the insurance expense is recorded)

2. Supplies expense Dr ($5,000 + $2,000 - $800) $6,200

         To Supplies $6,200

(Being the supplies expense is recorded)

These two above entries should be recorded and the same is to be considered

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nadya68 [22]

Answer:

P = $75 per club

n= 75,000 clubs

Explanation:

The demand and supply functions are:

(D): Q=150-1.00P\\(S): Q=1.00P\\

The equilibrium price is the price that yields a quantity demanded equal to the quantity supplied:

150-1.00P=1.00P\\P=\frac{150}{2}\\P=\$75

The number of units sold at that price is:

n=1,000*(1.00*75)\\n=75,000\ units

8 0
2 years ago
A primary difference between macroeconomics and microeconomics is
sleet_krkn [62]

'Micro is the study of individuals and business decisions while macroeconomics while macro studies the decisions of the governments and countries.'

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2 years ago
​Use the following to answer the questions. ​ Suppose that Ray-Ban is considering a new line of sunglasses that would be sold in
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Due to the flctuations, the prices are adjusted in a way that fits the changes in the values of the product.

4 0
3 years ago
Your brother announces at Thanksgiving Dinner that he is thinking of becoming a day trader. What questions might you ask him to
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2) Does he go for capital appreciation stocks or dividend stocks?

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2 years ago
Sandra, the operations manager of the Zara clothing chain, is informed that the summer line requires certain materials that are
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<em>MRP (Material Requirement Planning)</em>

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