B 6 02:4953 For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year a. Supplies: The Supplies account has a $400 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $160 of supplies remaining Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Supplies b. Supplies: The Supplies account has an $1,050 debit balance to start the year. Supplies of $2,600 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $775 of supplies remaining. 6 b. Supplies: The Supplies account has an $1,050 debit balance to start the year. Supplies of $2,600 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows 5775 of supplies remaining 02:49:28 Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Supplies c. Supplies: The Supplies account has a $4,500 debit balance to start the year. During the current year, supplies of $10.400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,960. Step 1: Determine what the current account balance equals Supplies 6 02:49:14 c. Supplies: The Supplies account has a $4,500 debit balance to start the year. During the current year, supplies of $10,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,960. Step 1: Determine what the current account balance equals. Step 2. Determine what the current account balance should equal Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Supplies