For each separate case, record the necessary adjusting entry.

On July $1,$ Lopez Company paid $$2,200$ 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 $$7,000$ at the beginning of the year. During the year, it purchases $$3,000$ of supplies. As of December $31,$ a physical count of supplies shows $$1,300$ of supplies available.

Prepare the year$-$end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December $31.$