Prepare and explain adjusting entries. Journal Entry The company has a Supplies account balance of $200 on January 1, 2015. During 2015, it purchased $1,500 of supplies. As of December 31 2015, 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 kipped Credit Debit Account Title Date select select Y Dec. 31 select eBook select select select Submit answer & continue