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. 0:16 Supplies: The Supplies account has a $140 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shown $180 of supplies remaining. Supplies Step 1 Determine what the current account balance equato, 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 b. Supplies: The Supplies account has an 31,150 debit balance to start the year. Supplies $2,800 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $825 of supplies remaining b. Supplies: The Supplies account has an $1,150 debit balance to start the year. Supplies of $2,800 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows 5825 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. 8:48 Step 2: Determine what the current account balance should equal ad Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 nces c. Supplies: The Supplies account has a $4,700 debit balance to start the year. During the current year, supplies of 510,800 were purchased and debited to the Supplies account. The Inventory of supplies available at December 31 totaled $3,080. 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 MacBook Air