At the beginning of the year you had $2,000 of supplies recorded in the Supplies asset account. During the year, you purchased supplies costing $8,600 and recorded them in the Supplies expense account. 1. Prepare the journal entry to record purchase of the Supplies by paying cash. At the end of the year, supplies costing $2,500 were still on hand. 2. Prepare the adjusting entry to update the Supplies accounts