Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash Common Stock В. al entries for the December 31 adjustment Notes Payable ne Supplies g the balances to correct. If an amount box do Supplies Expense e an entry, leave it blank. C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank. Supplies Beginning Balance $ Purchased Subtotal $ Used Remaining 2$

Name: Supplies were purchased on January 1, to be used throughout the year,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account.

Supplies: A current asset representing the cost of supplies on hand at a point in time. The account is usually listed on the balance sheet after the Inventory account. A related account is Supplies Expense, which appears on the income statement. The amount in the Supplies Expense account reports the amounts of supplies that were used during the time interval indicated in the heading of the income statement.Date Account title and explanation Debit Credit Jan. 1 (a) Supplies $10,400 Cash $10,400 Dec. 31 (b) Supplies expenses ($10,400 - $2,100) $8,300 Supplies $8,300 C. Supplies Beginning Balance 0 Purchased $10,400 Subtotal $10,400 Used $8,300 Remaining $2,100