at the business records supplies by initia -Supples and Supplies Expense that ha wchase of the asset in the Supplies acco adjusting entry into the T-accounts with In the Supplies T-account, and then rec Bal e business records supplies by initial plies and Supplies Expense that ha ase (as an expense) directly in the S austing entry into the T-accounts with ances under both approaches. Are t Supplies Expense T-account, and Required 1. Assume that the business records supplies by initially debiting an a account a. Using the T-accounts for Supplies and Supplies Expense that have been opened, place the beginning balance in the Supplies account b. Record the August 12 purchase of the asset in the Supplies account Record the December 31 adjusting entry into the T-accounts without using journal. 2. Assume instead that the business records purchases of supplies by debing an expense account a. Using the T-accounts for Supplies and Supplies Expense that have been opened, place the beginning balance in the Supplies account b. Record the August 12 purchase (as an expense) directly in the Supplies Expense account Record the December 31 adjusting entry into the T-accounts without using a journal 3. Compare the ending account balances under both approaches. Are they the same? Explain. Print Done