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QS 3-7 (Algo) Adjusting prepald (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,000 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $6,600 at the beginning of the year. During the year, it purchases $2,800 of supplies. As of December 31, a physical count of supplies shows $1,200 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 . Journal entry worksheet 2 Record year-end adjusting entry to reflect expiration of the insurance as of December 31. Journal entry worksheet Record year-end adjusting entry to reflect expiration of the insurance as of December 31. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits