b. Supplies: The Supplies account has an $1,550 debit balance to start the year. Supplies of $3,600 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,025 of supplies remaining. DR or CR? Supplies 5,150 Step 1: Determine what the current account balance equals. $ 5,150 Debit $ Step 2: Determine what the current account balance should equal. 1,025 Debit . 1,025 ok Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Credit nt Fences c. Supplies: The Supplies account has a $5,500 debit balance to start the year. During the current year, supplies of $12,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3,560. Supplies 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. Damita Company reported net income of $51,025 and net sales of $465,000 for the current year. (a) Compute Damita's profit margin. (b) Assuming Workfit (a competitor) has a profit margin of 15%, which company is generating more profit on each dollar of sales? Complete this question by entering your answers in the tabs below. Required A Required B Compute Damita's profit margin. Profit Margin Choose Numerator: Choose Denominator: 1 Profit margin Profit margin 1 Required A Required B