Requirement 1. Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Tiger Corp. Include an explanation for each entry. (Record debits first, then credits. Enter explanations on the last line.)

d. The beginning balance of supplies was $2,500. During the year, Tiger purchased supplies for $5,900, and at December 31 the supplies on hand is $2,100.

Record the necessary entry to adjust the Supplies account at the end of the year.