Question
A. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No...
a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $9,000 on January 1, 2017. During 2017, it purchased $4,000 of supplies. As of December 31, 2017, a supplies inventory shows $1,800 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 View transaction list Journal entry worksheet 2 Record journal entry to reflect expiration of the insurance as of December 31, 2017. Note: Enter debits before credits Debit Credit General Journal Transaction View general journal Clear entry
Answers
1.
At the time of payment of payment of prepaid insurance the company passes following entry:
July 1, 2017 Prepaid Insurance a/c Dr 3200 To Cash a/c 3200 Six months of insurance cover expires on 31 Dec, 2017. Hence the entry is:
Dec 31, 2017 Insurance Expense a/c Dr 3200 To Prepaid Insurance a/c 3200 2.
Supplies a/c Jan 1,2017 To bal b/d 9000 . By Supplies expenses a/c (Bal fig) 11200 To cash (purchases) 4000 Dec 31, 2017 By Bal c/d 1800 Total 13000 Total 13000
Supplies expenses a/c To Suuplies a/c 11200 Dec 31,2017 By balance c/d
(to be trfd to Profit and loss a/c )
11200 11200 11200 So,
Supplies a/c: $ 1800
Supplies expense a/c: $ 11200.
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