At the beginning of the year, Golden Gopher Company reports a balance in Supplies of $320. On May 15, Golden Gopher purchases an additional $1,500 of supplies for cash. By the end of the year, only $120 of supplies remains.

Required:

1. Record the purchase of supplies on May 15.
2. Record the adjusting entry on May 31.

Journal entry worksheet Note: Enter debits before credits