Prepare the necessary adjusting entries at December 31, 2019, for the Jasper Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

In July, the company purchased supplies for $4,500. The entry was recorded as a debit to Supplies (asset). Supplies on hand at the end of the year totaled $2,200. No supplies had been previously purchased.