Qs 2-3 marks Jan Mar May July 1, 2020 Dec. 31, 2020 Sept. Nov Jan Mar. May July Sept Nov. July Feb Apr June 2020 Det Dec. Feb June Aug Oct. Dec. 2021 Supplies 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? Answers Qs 3 - 3marks What is a work sheet and why do we prepare it?