Question: In general journal form , record adjusting entries for the following items for Cornish Accounting Co. at December 31, 2020. Assume that the first ordinary

In general journal form, record adjusting entries for the following items for Cornish Accounting Co. at December 31, 2020. Assume that the first ordinary entry was already done.

a) On January 3, 2020, $5,500 of supplies were purchased and recorded as an asset. A count revealed $500 still on hand at December 31, 2020. Do the adjusting entry and not the first entry to record the purchase.

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