The supplies account had a beginning balance of $3,420 and was debited for $6,460 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of supplies on hand is $2,835. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense

CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense

Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of supplies on hand is $2,835. Refer to the Chart of Accounts for exact wording of account titles. All transactions on this page must be entered (except for post ref(s) before you will receive Check My Work feedback PAGE 10 JOURNAL Score: 9/25 DATE DESCRIPTION POST. REF. DEBIT CREDIT Adjusting Entries Dec. 31 6,460.00 Dec. 31 3,040.00