Ritter Advertising Companys trial balance at December 31 shows Supplies $7,500 and Supplies Expense $0. On December 31, there are $2,900 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,200 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year is estimated to be $4,700. Prepare the adjusting entry for depreciation at December 31.

Date Account Titles Debit Credit Dec. 31 Supplies Expense 4,600 Supplies 4,600 Supplies Supplies Expense Debit Credit Date Account Titles and Explanation Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreciation- Equipment Indicate the balance sheet presentation of the equipment at December 31. Bronowski Company Balance Sheet (Partial)