For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,800 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 $8,200 at the beginning of the year. During the year, it purchased $3,600 of supplies. As of December 31, a physical count of supplies shows $1,600 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.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.