On November 1, Channel Equipment had a beginning balance in the Office Supplies account of $ 800. During the month, Channel purchased $ 1,000 of office supplies. At November 30, Channel Equipment had $ 400 of office supplies on hand.

Requirements

1. Open the Office Supplies T-account and enter the beginning balance and ­purchase of office supplies.

2. Record the adjusting entry required at November 30.

3. Post the adjusting entry to the two accounts involved and show their balances at November 30.