Problem 5 (6 points) ABC Co. begins the month with $300 of supplies and purchases an additional $250 during the month. At month end a count of supplies determines that $150 remains. Record the adjusting journal entry for supplies.

Problem 5. (6 Points) ABC Co. begins the month with $300 of supplies and purchases an additional $250 during the month. At month end a count of supplies determines that $150 remains. Record the adjusting journal entry for supplies