A. The Supplies account has a $580 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $250 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $1,500 debit balance to start the year. Supplies of $3,500 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,000 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. The Supplies account has a $5,400 debit balance to start the year. During the current year, supplies of $12,200 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3,500. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2.

a.1.  The current account balance is $ 580

  2. The current account balance should equal to $ 250

  3. December 31

     Supplies expense/ consumed         Debit         $ 330

     Supplies                                             Credit                         $ 330

To record consumption of supplies

b,1. The current account balance is $ 5,000

  2. The current account balance should equal to $ 1,000

  3. December 31

     Supplies expense/ consumed         Debit         $ 4,000

     Supplies                                             Credit                         $ 4,000

c.1.The current account balance is $ 17,600

  2. The current account balance should equal to $ 3,500

  3. December 31

     Supplies expense/ consumed         Debit         $ 14,100

     Supplies                                             Credit                         $ 14,100

Explanation:

The account balance in scenario 1 is the same since no adjustment has been made. the adjusting amount is the difference between the account balance and the supplies on hand shown by the physical count.

The account balance in scenario 2 is the opening value plus the purchases, i.e. $ 1,500 + $ 3,500 = $ 5,000.  The adjusting amount is the difference between the account balance and the supplies on hand shown by the physical count.

The account balance in scenario 3 is the opening value plus the purchases, i.e. $ 5,400 + $ 12,200 = $ 17,600.  The adjusting amount is the difference between the account balance and the supplies on hand shown by the physical count.

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