The balance in the supplies account, before adjustment at the end of the year, is $5,565.

Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $2,260. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS General Ledger

ASSETS 11Cash12Accounts Receivable13Supplies14Prepaid Insurance15Land16Equipment17Accumulated Depreciation-Equipment

LIABILITIES 21Accounts Payable22Unearned Fees23Salaries Payable24Taxes Payable

EQUITY 31Common Stock32Retained Earnings33Dividends

REVENUE41Fees Earned

EXPENSES 51Advertising Expense52Insurance Expense53Rent Expense54Salary Expense55Supplies Expense56Utilities Expense57Depreciation Expense59Miscellaneous Expense

Journalize the December 31 adjusting entry required if the amount of supplies on hand at the end of the year is $2,260. Refer to the Chart of Accounts for exact wording of account titles.

Journalize the December 31 adjusting entry required if the amount of supplies on hand at the end of the year is $2,260. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY

1 ________ Adjusting Entries _____ _____ _____

2 ____ _____ _____ ________ 3 ____ _____ _____ _________