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7nadin3 [17]
3 years ago
12

For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,000 for six months of insurance c

overage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $6,600 at the beginning of the year. During the year, it purchased $2,800 of supplies. As of December 31, a physical count of supplies shows $1,200 of supplies available. 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.
Business
1 answer:
Bas_tet [7]3 years ago
3 0

Answer:

Adjusting Entries

December 31

Dr. Insurance Expense $2,000

Cr. Prepaid Insurance $2,000

December 31

Dr. Supplies Expense $8,200

Cr. Supplies account $8,200

Explanation:

On December 31, six months have been accrued and all of the amounts of prepaid insurance became accrued. hence it will be recorded as an expense.

Now calculate the supplies expense using the following formula

Supplies expense = Beginning Supplies + Purchases during the year - Ending Supplies = $6,600 + $2,800 - $1,200 = $8,200

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The answer is (B) transfer dollars, and therefore purchasing power, into the future.  

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Because of the substitution problem, the cpi tends to overstate the true change in the price of the typical basket of consumer g
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It is true that because of the substitution problem, the CPI tends to overstate the true change in the price of the typical basket of consumer goods.

<h3>What is CPI?</h3>
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Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. his move-in costs are one month's
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Larkspur, Inc. reports net income of $91,800 in 2022. However, ending inventory was understated $7,800. What is the correct net
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Answer:

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