The supplies account had a beginning balance of $2,000. Supplies purchased during the period totaled $5,000. At the end of the period before adjustment, $300 of supplies were on hand. Required: Prepare the adjusting entry for supplies. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Advertising Expense 16 Office Building 52 Insurance Expense 17 Accumulated Depreciation Office Building 53 Interest Expense 54 Wages Expense LIABILITIES 55 Supplies Expense 21 Accounts Payable 56 Utilities Expense 22 Notes Payable 57 Depreciation Expense 59 Miscellaneous Expense 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Prepare the adjusting entry for supplies on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2