Record the appropriate adjusting journal entries on 1/31/23 based on the following: 

a. An inventory of supplies reveals that only $400 of supplies remain as of 1/31/23 and $1,000 of supplies were mistakenly recorded as Contractors (an expense). You'll need to create a new Supplies Asset account and journalize $1,000 of Contractors (expense) to the newly created Supplies Asset account. (Note: This is a correction of an error journal entry.) Then you'll need to create a new Supplies Expense account.

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The appropriate adjusting journal entries on 13123 are as follows Account Name Supplies Asset Suppli... View the full answer