The City of Nickston uses the purchases method to account for the acquisition of supplies by its

Question:

The City of Nickston uses the purchases method to account for the acquisition of supplies by its General Fund. At the end of fiscal 2012, the supplies inventory was valued at $ 63,000. At the end of fiscal 2013, the supplies inventory was valued at $ 71,000. Prepare the journal entry that needs to be made at the end of fiscal 2013 to adjust the amount of the supplies inventory.