a. On July 1, 2017, Lopez Company paid $1,600 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 $5,800 on January 1, 2017. During 2017, it purchased $2,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,000 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 the supplies used during the year. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal