Supplies were purchased for cash on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. Based on...

Extracted text: Supplies were purchased for cash on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. Based on the information provided: Make the initial journal entry for the original transaction: a) $7300 b) $8500 c) $1200 a) supplies expense b) supplies с) cash d) accounts payable a) supplies expense b) supplies с) cash d) accounts payable DR a) $7300 b) $8500 c) $1200 CR Create the journal entry for the December 31 adjustment needed to bring the balances to correct: a) $7300 b) $8500 c) $1200 a) supplies expense b) supplies с) cash d) accounts payable a) supplies expense b) supplies с) cash d) accounts payable DR a) $7300 b) $8500 c) $1200 CR