The company has a Supplies account balance of $200 on January 1. During the year, the...

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The company has a Supplies account balance of $200 on January 1. During the year, the company purchased $1,500 of supplies. As of December 31, a count revealed that there were $500 of supplies on hand. Complete the necessary journal entry. No Date General Journal When cash is paid before goods/services are used 1 Dec 31 Supplies Expense Supplies Asset is increased- prepaid expense (A+) Cash is decreased (A-) $200 supplies (A+) (debit) + $1500 prepaid expense (A+) (debit) = 0 -$1700 Cash (A-) 0 When goods/services are used Expense is recorded (E+, SE-) Asset is decreased (A-) $1800/12 $150/mo $1700 prepaid expense (A+) (debit) = (E+, SE-) (debit) -$1200 (A-) (credit) --$1200 (SE-, E+) (debit) 500 = ? Debit Credit 1,200 1,200 The company has a Supplies account balance of $200 on January 1. During the year, the company purchased $1,500 of supplies. As of December 31, a count revealed that there were $500 of supplies on hand. Complete the necessary journal entry. No Date General Journal When cash is paid before goods/services are used 1 Dec 31 Supplies Expense Supplies Asset is increased- prepaid expense (A+) Cash is decreased (A-) $200 supplies (A+) (debit) + $1500 prepaid expense (A+) (debit) = 0 -$1700 Cash (A-) 0 When goods/services are used Expense is recorded (E+, SE-) Asset is decreased (A-) $1800/12 $150/mo $1700 prepaid expense (A+) (debit) = (E+, SE-) (debit) -$1200 (A-) (credit) --$1200 (SE-, E+) (debit) 500 = ? Debit Credit 1,200 1,200