Boot Camp Co. (BCC) is about to close its December 31, 2020 financial year-end. Following are the preliminary amounts or situations in the accounts described.

BCC makes numerous purchases of office supplies throughout the year and charges the supplies expense account. The purchases throughout 2020 totaled $145,000. A physical inventory of the supplies at year-end determined a balance on hand of $15,000. The balance reported at the beginning of the year (January 1, 2020) as supplies on the balance sheet was $8,500 and this account has not been adjusted all year since all purchases were expensed as incurred.

For each situation, provide the adjusting entry(ies) required, if any, to properly record the events and reflect the correct accounts. (Round to the nearest dollar.)