On July 1, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $5,600 at the beginning of the year. During the year, it purchased $2,300 of supplies. As of December 31, a physical count of supplies shows $950 of supplies available. Required:
Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.

Dr Supplies expense $6,950

Cr Supplies $6,950

Explanation:

Preparation of the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.

Dr Supplies expense $6,950

Cr Supplies $6,950

($5,600+$2,300-$950)

(To record the balance of the Supplies account and the Supplies Expense account)

Beginning Supplies account balance $5,600

Add purchased $2,300

Less physical count of supplies $950

=$6,950

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