QS 3-6 Prepald (deferred) expenses adjustments LO P1 For each separate cose below, follow the three-step process for adjusting the Supplies asset account at December 31 Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year a. The Supplies account has a seco debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count ahows $290 of supplies remaining. 1 Supplies Step 1: Determine what the current account balance equal Step 2 Determine what the current account balance should Step 3 Record the December 31. adjusting entry to get from step to step 2 The Supplies account has an $1,700 debt balance to start the year. Supplies of $5,500 were purchased during the current post and obited to the supplies account A December si physical count shows $1,100 of supplies Set Dering what can account balance Supplies S 2. Demine what the current account balance should es con 15 ane to start the year During the current year, suppues of $13.000 detted to the supplies account the very tapes December 31 totale Supp QS 3-6 Prepaid (deferred) expenses adjustments LO P1 For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Supplies account has a $660 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $290 of supplies remaining. Supplies Step 1: Determine what the current account balance equals Step 2. Determine what the current account balance should equal Step 3. Record the December 31, adjusting entry to get from step 1 to step 2 b. The Supplies account has an $1,700 debit balance to start the year. Supplies of $3,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,100 of supplies remaining Supplies Step 1: Determine what the current account balance equals Step 2 Determine what the current account balance should equal Step 3 Record the December 31, adjusting entry to get from step 1 to step 2 a. The Supplies account has a $660 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $290 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. d Step 2. Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2 b. The Supplies account has an $1,700 debit balance to start the year. Supplies of $3,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,100 of supplies remaining nt Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal ences Step 3. Record the December 31, adjusting entry to get from step 1 to step 2 c. The Supplies account has a $5,800 debit balance to start the year. During the current year, supplies of $13,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled 53.740. Step 1. Determine what the current account balance equals. Supplies b. The Supplies account has an $1,700 debit balance to start the year. Supplies of $3,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,100 of supplies remaining Supplies Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3. Record the December 31, adjusting entry to get from step 1 to step 2. ook Hint c. The Supplies account has a $5,800 debit balance to start the year. During the current year, supplies of $13,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3.740. Step 1: Determine what the current account balance equals Supplies Step 2 Determine what the current account balance should equal Step 3. Record the December 31. adjusting entry to get from step 1 to step 2