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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

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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 a. The Supplies account has a $660 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $290 of supplies remaining. DR or CR? Step 1: Determine what the current account balance equals. Supplies 660 $ 660 Debit Step 2: Determine what the current account balance should equal $ 290 Debit 290 Step 3. Record the December 31, adjusting entry to get from step 1 to step 2 Adjusting Entry Debit Credit 370 ces b. The Supplies account has an $1,700 debit balance to start the year. Supplies of $3,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,100 of supplies remaining Step 1: Determine what the current account balance equals Supplies 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 c. The Supplies account has a 55,800 debit balance to start the year. During the current year, supplies of $13,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled 53.740 Veuil Lleur AuJUSung Elly 370 b. The Supplies account has,an $1,700 debit balance to start the year. Supplies of $3,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,100 of supplies remaining 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 c. The Supplies account has a $5,800 debit balance to start the year. During the current year, supplies of $13,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3,740. encos Step 1: Determine what the current account balance equals Supplies 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

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