Adjusting Journal Entries Office supplies had a balance of $80 on January 1. During the year $400 of office supplies were purchased on account. At the end of the year, $100 of supplies remained on hand. Required: a. Prepare the journal entry required to record the purchase of supplies. b. Assuming annual adjustments, prepare the necessary adjusting journal entry on December 31. c. Indicate the amount that would appear on the balance sheet for supplies on December 31. Adjusting Journal Entries and Reversing Entries Salaries of $5,000 are paid each Friday for a 5-day week. The end of the month is on Thursday. Required: a. Record the necessary adjusting journal entry at the end of the month. b. Determine the amount that would appear on the balance sheet and on the income statement at the end of the month. c. Assuming reversing entries are not made, record the related transaction next month. d. Assuming reversing entries are made, 1. Prepare the appropriate reversing entry. 2. Record the related transaction next month. 3. Post to the T-account for Salary Expense, then compare the balance to the journal entry in part c