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Prepare and explain adjusting entries. 3of12 Journal Entry The company has a Supplies account balance of $200 on January 1, 2013. During 2013, it purchased

Prepare and explain adjusting entries.

3of12

Journal Entry

The company has a Supplies account balance of $200 on January 1, 2013. During 2013, it purchased $1,500 of supplies. As of December 31, 2013, a supplies inventory shows $500 of supplies available (that is, left on hand). Complete the necessary adjusting entry by selecting the account names and dollar amounts from the drop-down menus

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