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The supplies account had a beginning balance of $3,565 and was debited for $6,960 for supplies...

The supplies account had a beginning balance of $3,565 and was debited for $6,960 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 $2,900. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1
Please note that Refer to the Chart of Accounts for the exact wording of account titles.
Company name
Adjusting entry
Date General Journal Debit Credit
December 31 Supplies Expense          7,625
Supplies          7,625
(To record supplies used during the year.)
Beginning balance of supplies account $    3,565
Add: Supplies purchased during the year $    6,960
Less: Ending balance of supplies account $    2,900
Supplies used during the year $    7,625
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