QS 3-5Preparing adjusting entries (annual) supplies L04 July 1 2017 Dec 31, 2017 Now Jan Mar Sept. Nov. July Aug Oct Dec Apr we Aug Det Dec. 2017 2018 Supplies Used Supplied Organic Market, a grocery store, purchased supplies for $12,000 cash on July 1, 2017 As of December 31, 2017, S7,000 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, 2017 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, 2017 On January 1 2018, how much supplies does Organic Market have