a. On July 1, 2017, Lopez Company paid $3,100 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 $8,800 on January 1, 2017. During 2017, it purchased $3,900 of supplies. As of December 31, 2017, a supplies inventory shows $1,750 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 Record journal entry to reflect expiration of the insurance as of December 31, 2017. Note: Enter debits before credits. Transaction Credit General Journal Insurance expense Prepaid insurance Debit 3,100 3,100 Record entry Clear entry View general Journal