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On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $295. A physical count of the supplies inventory shows that $108 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)

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Tundexi

Answer:

                       Supplies Account

Trial balance     $295  |  Adjustment      $187

                                     |  Balance            $108

                          $295                              $295

Balance             $108

                Supplies Expenses Account

Adjustment      $187       |

               Adjusting journal entry

Date     Account Titles           Debit    Credit

            Supplies expenses      $187

                   Supplies                            $187

            (To record Supplies expenses)

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