CH 3: Adjusting Entries (Deferrals) Required Practice Help Save & Exit Submit 1 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 December 31, 2017, a supplies inventory shows $1,800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly Supplies Expense account as of December 31, 2017 report the balance of the Supplies account and the Journal entry worksheet 2017 Rofpronces