$4$

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 $2.$

$3$ points

Skipped

References

Assume no other adjusting entries are made during the year.

a$.$ Supplies: The Supplies account has a $$380$ debit balance to start the year. No supplies were purchased during the current year. A December $31$ physical count shows $$150$ of supplies remaining.

$\backslash$table$[[,,$Supplies$],[$Step $1$: Determine what the current account balance equals.,,,$]]$

Assessment Tool iFrame

b$.$ Supplies: The Supplies account has an $$1,000$ debit balance to start the year. Supplies of $$2,500$ were purchased during the current year and debited to the Supplies account. A December $31$ physical count shows $$750$ of supplies remaining.

c$.$ Supplies: The Supplies account has a $$4,400$ debit balance to start the year. During the current year, supplies of $$10,200$ were purchased and debited to the Supplies account. The inventory of supplies available at December $31$ totaled $$2,900.$