On July 1, 2017, Lopez Company paid $2,600 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $7,800 on January 1, 2017. During 2017, it purchased $3,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,500 of supplies available. Required:
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.

a.

Date                          Account Title                                       Debit           Credit

Dec. 31, 2017           Insurance expense                          $2,600

                                 Prepaid insurance                                                 $2,600

b.

Date                          Account Title                                       Debit           Credit

Dec. 31, 2017           Supplies Expense                               $9,700

                                  Supplies                                                                 $9,700

Working

Supplies = Beginning balance + Purchases - Closing balance

= 7,800 + 3,400 - 1,500

= $9,700

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

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look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

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i would have to say its c