ck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co -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. Answer is complete but not entirely correct. a. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. Step 1: Determine what the current account balance equals. $ 300 DR or CR? Debit Supplies 300 190 Step 2: Determine what the current account balance should equal. $ 110 Debit 110 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Credit < Prev 3 of 26 Next > Ret a. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. Step 1: Determine what the current account balance equals. DR or CR? Supplies $ 300 Debit 300 190 Step 2: Determine what the current account balance should equal. $ 110 Debit 110 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Credit Supplies expense Supplies 190 ( 190 b. The Supplies account has an $800 debit balance to start the year, Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. b. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. Step 1: Determine what the current account balance equals. DR or CR? Supplies 800 Debit 800 2,250 Step 2: Determine what the current account balance should equal. $ 650 Debit 650 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Credit Supplies expense Supplies 2,250 2,250 c. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2.660. c. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,660. DR or CR? Supplies Step 1: Determine what the current account balance equals. $ 4,000 Debit 4,000 10,740 Step 2: Determine what the current account balance should equal. $ 2,660 Debit 2,660 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Supplies expense Supplies Adjusting Entry Debit Credit 10,740 10,740