Exercise 17-6 In 2015, Bay City purchased supplies valued at $374,400. At the end of the year, $59,990 of the supplies were still in the inventory. No supplies were on hand at the beginning of the year. The city uses the purchases method to account for supplies. (a) Prepare the journal entry necessary to report the supplies as an asset in the balance sheet of Bay City. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit