Your friend, Samantha Levin, agrees to come in to help Martin count the inventory on hand. She counts the inventory at the end of the day and gives you this list: Taken by Samantha Levin Inventory Count Sheet2/29 Unit of Measure Quantity on Hand Books and Tools Dry erase boards Units 14 Kit Units 12 Notebooks Packages of 5 4 Puzzles Units 3 Ready Units 19 Sports Units 17 Statistics Units 10 Math Games Console Units 5 Equations Units 5 Fractions Units 5 Ratios Units 5 You do a few rechecks to make sure the count is correct, which it is. You talk to Martin about the shortages. He believes that some of the items were probably used by the tutors during the Mathmagic Clinic. You decide to charge the inventory adjust- ment to the Tutoring supplies expense account. You adjust the inventory quantities in QBO to agree to the count using 2/29 as the trans- action date. TIP: You can either add all products to the inventory adjustment window and change only those items that differ from the count, or you can compare the count sheet provided above to the Product/Service List in QBO first and then add only those items that need adjustment to the window. You use FebInvAdj as the reference no. TIP: To check your accuracy, click Save. Click More and select Transaction journal. The total adjustment should be $41. Because Samantha is willing to stay a bit longer, you ask her to count the supplies on hand. She tells you that there is only $9 worth of tutoring supplies on hand. You adjust the accounts appropriately and leave a note for Martin about the need to purchase more supplies. You use Feb24.1 as the Journal no.

Beginning balance = 130.82.

Ending balance = Supplies Adjustments - physical count of supplies

Supplies used = Beginning balance - Ending balance