Question 2 - Record for Tip Corporation the required adjusting journal entries on December 31, 2020 for the below transactions.

a. The Supplies account had a $1,270 balance on Jan 1, 2020. Company purchased additional supplies of $680 during the year. Supplies on hand on Dec 31, 2020 was $710. b. On Aug 1, 2020, collected $3,890 as advance from a customer for services to be provided over the next one year. c. Purchased a machine on Jan 1 2020 for 7,050 with useful life of 6 years.