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Transaction #2: We started 2015 with a balance of inventory of office supplies of $650. On Feb. 5, 2015 we bought additional office supplies for
Transaction #2: We started 2015 with a balance of inventory of office supplies of $650. On Feb. 5, 2015 we bought additional office supplies for $960 on account. On Dec. 31, 2015 only $135 worth of supplies was still on hand. Date Assets Liabilities Account Amount Account Amount Account Owners' Equity Amount Feb. 5, 2015 Dec. 31, 2015 (Adjustment) Indicate what would be reported in each statement: Income Statement Name of account Amount Balance Sheet Name of account Amount
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