Jan. Mar May July 1, 2020 Dec. 31, 2020 Sept. Nov Jan. Mar May July Sept. Nov. July Feb. Apr. June 2020 Aug- Oct. Dec. Feb. Apr. June 2021 Aug. Oct. Dec. Supplies Used Supplies Not Used Organic Market, a grocery store, purchased supplies for $12,000 cash on July 1, 2020. As of December 31, 2020, $7,000 had been used and $5,000 of supplies had not been used. Organic Market prepares financial statements on an annual basis and has a December 31 year-end. a. Record the journal entry on July 1, 2020. Page 19 b. In order to prepare the annual financial statements, record the adjusting journal entry to reflect the amount of supplies used as of December 31, 2020. e. On January 1, 2021, what amount in supplies does Organic Market have